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As we have discussed for the past few months, the NASDAQ A/D line peaked in October and failed to confirm the recent highs. It has been significantly weaker that the NYSE A/D line, which did confirm the recent highs. The NASDAQ A/D line is now testing important support, suggesting the NASDAQ may continue to underperform the S&P 500. Some support lies at 2115-2140 with more important support at 2015 and the 200-day MA.
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