Tom McClellan: Nasdaq 100 rally sees fewer stocks above 100-day averages

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Ivan Andriyenko

07.05.2026

Tom McClellan: Nasdaq 100 rally sees fewer stocks above 100-day averages — Nasdaq 100 participation diverges from rally

Tom McClellan, industry influencer, observes that although the Nasdaq 100 has posted impressive gains, participation among its component stocks is declining.

He points out that the number of Nasdaq 100 stocks trading above their own 100-day moving averages peaked at 57 on April 20 and has since dropped to 52. McClellan suggests that such divergences may be meaningful, even if they do not align with a specific timeframe.

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McClellan has previously observed that a declining U.S. savings rate can be bullish for equities, while noting that pandemic-related data shortfalls complicate recent trends. He has also cited historical stock price moves following sharp drops in U.S. consumer sentiment. His recent comments build on a series of indicators he tracks across different market conditions.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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