Not everything fell

Troy Bombardia
2020-04-22
The NASDAQ fell more than -3% yesterday while relatively few of its members fell. The last time this happened was during the dot-com crash.

The NASDAQ Composite fell more than -3.4% yesterday, which outside of a bear market is a big one day decline. But while you may expect 80% or more of the NASDAQ's members to participate in the decline on such a big DOWN day, that wasn't the case. 76% of NASDAQ Issues fell:

While only 69% of volume went into NASDAQ issues that fell:

Is this normal? Certainly not in a bull market. Most of the historical cases of "NASDAQ Up Volume >30% while NASDAQ fell more than -3%" occurred during the 2000-2002 bear market:

This usually led to short term gains for the NASDAQ, even if long term returns were bearish since most of the cases occurred within a bear market:

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