{"id":64366,"date":"2023-05-12T18:23:40","date_gmt":"2023-05-13T01:23:40","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=64366"},"modified":"2023-05-14T12:33:01","modified_gmt":"2023-05-14T19:33:01","slug":"nasdaq-quietly-tries-to-wake-up-sleepy-market-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2023\/05\/12\/nasdaq-quietly-tries-to-wake-up-sleepy-market-the-market-breadth\/","title":{"rendered":"The NASDAQ Quietly Tries to Wake Up A Sleepy Market – The Market Breadth"},"content":{"rendered":"\n

Stock Market Commentary:<\/strong><\/h2>\n\n\n\n

The U.S.’s looming debt ceiling crisis is a manufactured emergency. The whole political wrangling could end in an instant with a very simple decision to keep budget negotiations in the budget process. Thus, the stock market’s relative calm about the political stalemate does not surprise me. Moreover, who are the motivated sellers left in the market anyway? There may even be eager buyers ready to jump into the market after the dust settles on the debt ceiling drama. If I am right, then this sleepy market has an explanation. Still, the NASDAQ is showing signs of ending the sleepwalking in the market<\/a>. As big cap tech dominates trading, the NASDAQ as a whole is quietly breaking out.<\/p>\n\n\n\n

The strong reactions to the debt ceiling crisis have come from buying not selling. At the start of the year both gold and Bitcoin soared. I identified the debt ceiling crisis as a likely motivating culprit<\/a>. So it is interesting to see crypto struggling and potentially topping out over the last two months just ahead of the presumed June 1st default of the U.S. Gold has also lost its momentum over the last month and potentially topped out<\/a>. These signs of exhaustion further support the market’s growing comfort with the prospect of an eventual resolution. Of course, if the U.S. DOES default on its debt, then all bets are off!<\/p>\n\n\n\n