Equal Weight Nasdaq 100 Makes Gains As Other Indices Fade

It was a bit of a mixed day for indices as the equal-weight Nasdaq 100 (QQEW) bucked the trend of other indices and posted strong gains. Remaining indices suffered profit gains as sellers made a long-awaited appearance.

It was odd to see the equal wieghted Nasdaq 100 make such a clean move, tagging resistance in the process. Technicals - including relative performance - are firmly in the bullish camp, although it has yet to break to new 2026 highs, which, if it were to follow the Semiconductor Index (SOX), would mean big gains lie ahead for the index.

The equal-weighted S&P (SPXEW) tagged resistance yesterday, but came back off that resistance in typical selling. Technicals are net bullish, although it's sharply underperforming the weighted S&P.

The weighted S&P took a modest loss as I look for a new measured move target higher. Technicals are net bullish and buying volume has been outperforming selling volume.

I have measured move target also drawn in for the Nasdaq.

While Bitcoin (BTC.X) didn't fully make it to its 200-day MA, it did experience a day of selling off yesterday's inverse hammer. Aside from that, technicals are net bullish.

The Dow Industrial Average also tagged resistance, but technicals are not as bullish as peer indices as On-Balance-Volume is working off a 'sell' trigger.

There isn't much to say about today's action. Selling was expected. Selling at resistance is no surprise. If any of the indices testing resistance ($DJIA, $SPXEW) were to break resistance, they would offer a solid breakout play. As for indices that have already managed this, look to measured move targets.