Record Burst of Selling Hit Just Before Nasdaq’s Morning Bounce
- It may be one an early capitulation sign that heralds recovery
- Bearishness toward tech stocks is growing amid inflation angst
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Stocks hit their lows and rebounded after a mammoth wave of selling landed at the open. And that may be a good sign.
The so-called Tick index, which compares stocks moving up versus down on a second-by-second basis, sent what some chart watchers see as a signal that a recovery is in the offing. New York Stock Exchange companies trading on downticks exceeded those on upticks by 2,069 at one point, sending the index to a record low. It happened as the Nasdaq 100 fell almost 2% at the open before bouncing back.