LIVE MARKETS-Nine days up: Nasdaq rolls on, but warning lights flicker
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NINE DAYS UP: NASDAQ ROLLS ON, BUT WARNING LIGHTS FLICKER
The Nasdaq Composite .IXIC keeps grinding higher. On Tuesday, the tech-heavy index notched its 20th record close of the year and extended its winning streak to nine straight sessions.
After nine straight gains, however, the Nasdaq may be getting stretched from a timing standpoint. Over the past decade, 10-day -- or longer -- winning streaks have been rare, underscoring how extended the current run has become.
Under the hood, things still look pretty healthy. One key measure traders watch -- the Nasdaq New High/New Low (NH/NL) Index -- is climbing with the Composite. That’s usually a sign the rally has decent breadth behind it, not just a handful of names doing all the heavy lifting. Still, a bit of caution is creeping in, as this indicator is nearing levels where it has tended to stall out in recent years.
On Tuesday, the NH/NL Index rose for a seventh straight session, ending at 68.4%. That puts it within striking distance of the 70% zone -- an area that has often acted as a ceiling over the past five years. For context, the index hit 83.4% on September 23, 2025 -- its strongest reading since June 2021 -- and hasn’t topped 90% since mid-June of that year.
If the indicator rolls over from here, it could be an early sign that the rally is losing some momentum beneath the surface. In that case, even more of the burden would fall on the Nasdaq’s biggest names to keep the broader index moving higher.
And speaking of the heavy hitters, the Magnificent Seven ETF MAGS.K hasn’t exactly been firing on all cylinders. It last set a record close on May 14, and has struggled to gain traction since. On Tuesday, it fell for a third straight session.
(Terence Gabriel)
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