QQQA - QQQs And DJIA Correlation Turns Strongly Negative
2024-06-26 05:00:00 ET
Summary
- Recently, the NASDAQ-100 Index and the venerable Dow Jones Industrial Average are moving in almost mirror images of each other.
- Artificial intelligence stalwart Broadcom peaked one week ago today at 1852 before pulling back 16% as of this morning.
- During this period, the DJIA was rising steadily, as investors pulled money from the AI superstars and other related growth areas and reallocated it in blue chip growth areas, like the Dow stocks.
If it seems that recently, the NASDAQ-100 Index and the venerable Dow Jones Industrial Average (DJIA) are moving in almost mirror images of each other... that is because that is exactly what is happening....
QQQs And DJIA Correlation Turns Strongly Negative