In what is preliminarily looking like another turnaround Tuesday, S&P 500 and DJIA futures are indicating a positive open this morning and looking to erase all of Monday’s declines. While there has been no easing in trade tensions with China, the rally in US futures is coming on the back of a positive day in Europe. Bulls are hoping the gains can hold throughout the day, but all it takes is one tweet…
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Although S&P 500 and DJIA futures are on pace to erase most of Monday’s declines, the same can’t be said for the Nasdaq which isn’t even on pace to erase half of Monday’s declines. The last couple of weeks have been especially tough on the tech sector, and therefore the Nasdaq, versus the broader market.
As shown in the intraday relative strength chart from the last three weeks, the underperformance for the Nasdaq began in earnest after the first full week of May and really accelerated with the major gap down at the open last Monday (5/13). While the Nasdaq spent much of the rest of the week trying to dig itself out of the hole, shortly before the close last Friday and into Monday, the bottom fell out again.
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