Tom McClellan: NDX component stock drawdowns worsening is unhealthy

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19.05.2026

Tom McClellan: NDX component stock drawdowns worsening is unhealthy — NDX component stock drawdowns worsening

Tom McClellan raises concerns about the deepening drawdowns of NDX component stocks.

He describes the trend as an unhealthy development in the market.

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McClellan has previously noted that a recent Nasdaq 100 rally was supported by fewer stocks trading above their 100-day moving averages, suggesting a possible participation divergence in the index earlier this year. He also questioned claims of a Hindenburg Omen signal, pointing to a shortfall in the $NYA criterion for confirmation in May. These observations add context to his latest concerns about breadth within the NDX.

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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