Data: 48% of the Nasdaq-100 index constituents have pulled back more than 20% from their own all-time highs, while 64% are still trading above the 200-day moving average line.

July 12 news: In the Nasdaq 100 index, 48% of its constituent stocks have pulled back at least 20% from their own highs. This ratio has doubled over the past 12 months, but it remains below the 60% level reached before the market bottomed out at the end of March. This is still a far cry from the extreme scenario seen during the 2022 bear market, when the figure once surged as high as 80%. Meanwhile, 64% of constituent stocks are still above the 200-day moving average, near the highest level of the year—whereas before the market bottomed out on March 30, this proportion was only 38%. The rise in US stock indexes is increasingly dependent on the support of a small number of stocks.
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