While the selling of stocks on the New York Stock Exchange appears to nearing panic-like levels, the activity on the Nasdaq exchange suggests investors may be more interested in buying on the dip. The NYSE Arms Index, which is a volume-weighted breadth measure that tends to rise above 1.000 when the market is declining, has spiked up to 1.812 in afternoon trading Tuesday. Meanwhile, the Nasdaq Arms has dropped to 0.464. Many Wall Street technicians say an Arms reading above 2.000 implies panic-like selling, while a reading below 0.500 actually implies panic-like buying. The S&P 500
is down 0.6% and the Nasdaq Composite
is down 0.3%. The number of declining stocks is outnumbering advancers by a margin of 3.13 to 1 on the NYSE and by margin of 3.12 to 1 on the Nasdaq; meanwhile, trading volume in declining stocks is outpacing advancing volume by 5.66 to 1 on the Big Board and by just 1.44 to 1 on the Nasdaq.
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