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Dow Jones backs off from fresh 2023 high as Nasdaq divergence extends

Since my last update and a typo noting the high for the Dow Jones (was actually at 35,725 then and not 35,705), the index has lifted to set a new 2023 high not that long ago. The Dow Jones reached 37,776. It has backed off from that new high now, but not yet significantly so. At the same time the divergence in the price action between the Dow and the Nasdaq 100 has been stretched even more. It is really quite stark and continues to underscore the failure of the Nasdaq 100 to greet the month-end with the same buying interest as befits the Dow Jones. It has been entirely the opposite so far today, because even as the Dow was setting new 2023 highs, the Nasdaq 100 was still under pressure and that pressure has seen it fall to a low so far at 15,848. The Dow Jones is currently trading off its earlier peak, just now at 35,725

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