Charting a market divergence, Nasdaq violates the breakout point

Technically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven late-month price action.

Meanwhile, the Dow Jones Industrial Average DJIA, -0.26% has strengthened in recent sessions versus the other major benchmarks.Thursday’s session low and Monday’s session low registered nearby. Both downturns were punctuated by reversals to a tag nominal record high.Meanwhile, the Nasdaq Composite COMP, -1.62% remains the weakest benchmark.

Likely last-ditch support matches the 2020 peak , an area from which the prevailing upturn originates. An eventual violation would mark a “lower low” raising a technical caution flag. Looking elsewhere, the SPDR Trust S&P 500 is also consolidating an early-month break to record highs.Placing a finer point on the S&P 500, the index has ventured under its former range bottom.More broadly, the S&P has extended its downturn, venturing under its breakout point early Tuesday.

The prevailing upturn originates from support roughly matching the 50-day moving average and the mid-2020 range top. A near-term target continues to project to the 50 area.More broadly, the energy sector’s recent surge dovetails with the transports prevailing breakout, as well as an airlines breakout. The prevailing sub-sector price action is consistent with a reflation trade, an expected return to the pre-virus economic backdrop.

So combined, the 124.70-to-125.40 area remains a bull-bear inflection point. Apple has ventured under support early Tuesday, though as always, it’s the session close that matters.

As of 10:12am PST 2/23/2021. AAPL is up 1.6% in last 3 months and BTC is up 233%. $USD is down 2.2% and TLT US 20yr Treasury bond ETF is down 10.8%. What is safe?

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