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Iceberg ahead

Jason Goepfert
2021-04-20

Thanks to continued deterioration in SPACs accompanied by biotech troubles, there were more 52-week lows than 52-week highs on the Nasdaq on Tuesday. This comes only days after the drivers of the rally pushed the Nasdaq 100 to an all-time high. This triggered a Titanic Syndrome warning, which isn't a big worry given that so far it's been isolated. If it continues over multiple sessions and spreads to the NYSE, then it will be more of an issue. The Backtest Engine shows that even over the past 3 years, the Nasdaq 100 managed to show a gain a month after other signals only 18 out of 38 times, averaging a return of -0.9.

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