27.02.2020 15:56:22

Nasdaq's selloff into correction territory comes despite panic-like dip buying behavior

The Nasdaq Composite dropped 2.9% in morning trading, which puts the index in correction territory, but market internals suggest investors who are buying on dips are much more aggressive than those selling. The Arms Index, a volume-weighted breadth indicator, has tumbled to 0.289. That is well below the 0.5000 level, which many believe normally depicts panic-buying behavior. The number of declining stocks on the Nasdaq are outnumbering advancers 10.1 to 1 while volume in declining stocks leads advancing volume by just 3.0 to 1. Meanwhile, the Nasdaq Composite has now lost 11.1% since closing at a record 9,817.18 on Feb. 19, amid growing fears over the potential negative impact from the coronavirus outbreak. Many technicians believe a decline of 10% to up to 20% from a significant peak defines a correction, while a decline of 20% or more defines a bear market. Meanwhile, the Dow Jones Industrial Average tumbled 566 points, or 2.1%, and is now 10.7% below its Feb. 12 record close of 29,551.42, while the NYSE Arms Index is up to Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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