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mcoscillator.com/learning_center/weekly_chartThe big winners in 2020 were the FANG stocks which dominate the Nasdaq 100 Index (NDX). They outpaced the SP500 Index (SPX) by a pretty large margin. But now in 2021, there is a big adjustment going on, as those outsized gains of 2020 are getting digested and consolidated.
The recent low for this percent deviation indicator is the lowest since all the way back in 2006. Similar readings over the past few years have represented really great buying opportunities for getting into the Nasdaq 100, not as a day to day trade, but as a long term one. So as we get through the corrective work that is still needed in the month of June, as discussed in our most recent McClellan Market Report newsletter and Daily Edition issues, the message of these indicators is that we should look for the Nasdaq 100 stocks to lead the way higher.
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