Calendar Quiets – Nasdaq 100 Still Under Pressure

Last week at this time, the market was enjoying one the strongest seasonal days of the year in the first day of May. The ensuing four days of mild weakness looked good until Thursday and Friday when the bulls decided they had enough. The new week begins with some very, very mild seasonal weakness on the calendar. Nothing that will weigh too heavily. After that the seasonal trends are quiet.

Looking at the major indices, we have the Dow Industrials and S&P 500 at new highs with the S&P 400 about to achieve. The Nasdaq 100 and Russell 2000 are lagging, but can certainly play catch up if the bullish landscape continues. It’s the former that still concerns me as I have written about for months. The index just doesn’t trade well and hasn’t since some really strong earnings were used as selling opportunities. That doesn’t mean the index or its components are poised to collapse. However, we do need to see better action and at least stop lagging.

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