Wall Road has continued to rattle off some new document highs in October, however the absence of 1 main index from the checklist is beginning to grow to be obtrusive, in keeping with Raymond James. Quantitative and technical strategist Javed Mirza identified in a be aware to purchasers that the Nasdaq 100 has not set a document excessive since July. The relative wrestle of that tech-heavy index is presumably an indication that the broader bull market is on the verge of getting into into a brand new section — and getting near a peak, in keeping with Mirza. “The Nasdaq 100 is an efficient proxy for the extra ‘growthy’ areas of the market and this adverse divergence means that Portfolio Managers have begun to shift away from the extra growth-oriented areas of the market, according to a shift into the late levels of the present 4-12 months Cycle. The Nasdaq 100 has did not reclaim the highs it set in July, regardless of the S & P 500 , TSX Composite, and Dow Jones Industrials all scoring new all-time value highs,” Mirza wrote. .NDX 6M mountain The Nasdaq 100 has not set a brand new document excessive since July. On Monday, the Nasdaq 100 was buying and selling about 2% under its document shut. Technical indicators recommend that it will not shut that hole any time quickly. “The Nasdaq 100 simply triggered a brand new short-term ‘mechanical promote’ sign, diverging from the opposite North American fairness indices,” Mirza mentioned. The Nasdaq 100’s droop will not be the one issue pointing to towards a brand new section for the bull market. Different notable knowledge factors embody the Cboe Volatility Index (VIX) making increased lows and the Canadian TSX Composite outperforming the S & P 500, whereas WTI crude pushing above $94 per barrel can be a fourth level, Mirza wrote. To make sure, even the late stage phases of a bull market can final for fairly some time. Mirza does say that the “path of least resistance” remains to be increased for shares total heading into 2025.