Independent researcher The Kobeissi Letter reports 48% of Nasdaq-100 constituents are at least 20% below their all-time highs, the highest since February–March’s selloff this year. That is below the roughly 60% level seen before the March 30 trough, roughly double the share from 12 months ago and well under the 80% peak in the 2022 bear market. Meanwhile 64% of Nasdaq-100 names trade above their 200-day moving average—near this year’s high versus 38% at the March 30 trough. The readings indicate

Independent researcher The Kobeissi Letter reports 48% of Nasdaq-100 constituents are at least 20% below their all-time highs, the highest since February–March’s selloff this year. That is below the roughly 60% level seen before the March 30 trough, roughly double the share from 12 months ago and well under the 80% peak in the 2022 bear market. Meanwhile 64% of Nasdaq-100 names trade above their 200-day moving average—near this year’s high versus 38% at the March 30 trough. The readings indicate the recent US rally is increasingly concentrated in a small number of large-cap tech stocks and market breadth is narrowing.