What Happened To The Nasdaq 100 Leaders?

The dip buyers were disappointed after the release of the better-than-expected CPI report on Thursday. The S&P 500 opened almost 20 points higher to open at 4487.16 after Wednesday’s close at 4467.71. The buyers flooded in as the S&P reached the monthly pivot at 4527 at 10 AM ET before the buyers disappeared. Just after 100 PM the S&P 500 was lower for the day.

This happened so quickly that some were confronted by the reality of recently added positions already being in the red. The close in the S&P 500 was a bit higher but the lows from the past few days were violated. There was very little mention of this price action in the financial media but to me, the action in the market internals was even more surprising and significant.