US equity index futures all roughly flat
Dec Retail Sales MM < est; Ex-Autos MM < est
Euro STOXX 600 index ~flat
Dollar, gold dip; bitcoin down ~2%; crude up slightly
US 10-Year Treasury yield falls to ~4.16%
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IN THE WAKE OF THE TECH WRECK, NASDAQ COMPOSITE TRIES TO RIGHT THE SHIP
The Dow Jones Industrial Average .DJI scored its sixth record close of the year on Monday. So far, the S&P 500 .SPX has notched four record closes in early 2026. However, the Nasdaq Composite .IXIC has been noticeably absent from the new highs roll call. This as tech .SPLRCT sank as much as 13% from its October 29, 2025 record close into its February 5 intraday low.
The Nasdaq's last record close was also on October 29, or 69 trading days ago. However, with Monday's gain, the Composite ended at 23,238.67, putting it down 3% from its 23,958.473 record close, and down 3.25% from its 24,019.993 October 29, 2025 record intraday high.
Meanwhile, one measure of the Nasdaq's internal strength, the Nasdaq New High/New Low (NH/NL) index peaked at 83.4% on September 23 of last year. It then diverged into the Composite's late-October record highs. After plunging to a November 24 low of 29.7%, which was just two trading days after the IXIC's November 20 trough, this measure has been gyrating up and down.
Its most recent peak was at 75% on January 15. It then slid, amid the recent tech-wreck, to 50% last Friday, before being essentially unchanged on Monday.
Bulls will now want to see the NH/NL index put in a V-bottom and reclaim its descending 10-day moving average $(DMA)$, which ended Monday just under 60%. If so, the measure can then be expected to challenge the 75%-83.4% area, amid renewed broadening, and greater Nasdaq strength.
Of note, the last time this measure was above 90% was on June 14, 2021.
A failure to reclaim its 10-DMA can put the November-December troughs in the 35%-29.7% area at risk again. If so, the Composite may once again find itself in rough seas.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
BOFA FLAGS ASSETS SHOWING "BUBBLE-LIKE" PRICE ACTION CLICK HERE
A SOFTWARE 'SHOPPING LIST' FOR PATIENT INVESTORS CLICK HERE
KERING SHINES, INSURANCE DRAGS, CHEMICALS BOUNCE CLICK HERE
BEFORE THE BELL: EUROPEAN FUTURES STEADY, EARNINGS DOMINATE CLICK HERE
TRUMP ADMINISTRATION PREPARES TO GUT CLIMATE LAWS CLICK HERE
NasdaqNHNLINdex02102026 https://fingfx.thomsonreuters.com/gfx/buzz/klvyjajaqpg/NasdaqNHNLIndex02102026.png
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)