Investors shouldn’t view the Nasdaq Composite trading flat, while the Dow and S&P 500 rise, as a sign of weakness, because exchange data shows market breadth is firmly positive.
The number of advancing stocks on the Nasdaq exchange is more than double that of decliners, 2,659 to 1,105.
And volume in advancing stocks is 70.5% of total volume, suggesting buyers are much more aggressive than sellers.
On the NYSE, gainers are outnumbering decliners 1,982 to 641 and advancing volume is 76.6% of the total.
One problem with the Nasdaq Comp is that shares of four of its top six most-influential companies are falling, with top-dog Nvidia’s stock shedding 3.1%.