Crypto and Nasdaq Market Breadth Shows Short-Term Weakness in Bull Run
Market breadth indicators reveal short-term weakness in both the crypto market and the Nasdaq index, while maintaining a long-term uptrend.
- 63 of the top 100 cryptocurrencies traded above their 200-day simple moving average (SMA).
- 50 coins are below their 50-day SMA.
- In the Nasdaq, 61 stocks are above their 200-day SMAs; 49 are below their 50-day SMAs.
The long-term trend for both markets is bullish, indicated by a majority trading above the 200-day SMA. However, 50% of assets are underperforming relative to the 50-day SMA, suggesting recent loss of momentum and potential short-term downturn.
This similar market breadth indicates widespread weakness, potentially influenced by traders de-risking portfolios ahead of an upcoming speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium.