Data: In the Nasdaq 100 index’s 100 component stocks, 48% have pulled back more than 20% from their own recent highs, and 64% are still trading above the 200-day moving average.

BlockBeats, July 12: In the Nasdaq 100 index, 48% of constituent stocks have pulled back at least 20% from their own highs, and this proportion has doubled over the past 12 months, but it is still below the 60% level seen before the market bottomed out at the end of March. That said, it is still far from the extreme scenario during the 2022 bear market, when it once surged to 80%.

Meanwhile, 64% of constituent stocks are still trading above their 200-day moving average, near the highest level seen this year—whereas before the market bottomed out on March 30, this proportion was only 38%. The rally in US stock indexes is increasingly dependent on support from a small number of stocks.