Jin10 data reported on June 26, as technology stocks drive the major U.S. stock indices toward historical highs, analysts believe that if more zones do not join the rebound, a dumping wave may occur in the coming months. The S&P 500 index has rebounded strongly since the big dump in April, and is now less than 1% away from its all-time high. However, the proportion of component stocks priced above their 200-day MA (a key indicator of market breadth) has not changed since May. Analysts from several institutions, including Janney Montgomery Scott, point out that without strong support from other major market zones such as financials, transportation, and small caps, the market may lose its upward momentum in the coming months. “In the short term, the market is severely overbought, and the leading strength is mainly concentrated in the S&P 500 index and the Nasdaq 100 index,” technical strategist Dan Wantrobski said. “If market breadth fails to follow the indices’ breakout movements, we will closely monitor the possibility of a pullback.”
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