The U.S. stock market is bifurcated with tech stocks being the primary catalyst for the upward drive in equity prices. This chart (courtesy of Zacks) shows that there is a growing spread between the Nasdaq 100 and the S&P 500 (both market-cap weighted indices). When there is a lack of market breadth, that usually spells trouble.
The Nasdaq 100, as measured by the exchange-traded fund QQQ, is trading only a few percentage points below its all-time highs. Tech giants like Microsoft, Amazon, Facebook, Apple, Netflix, and Google are getting a kick upwards from this pandemic. However, the rest of the market is languishing; always a bad sign. History can certainly be the witness to that effect when the tech stocks precipitously declined in the dot-com crash of 2000.
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