The sale of shares listed on the New York Stock Exchange on Wednesday morning exhibited panic-like trends, according to the Weapons Index, while the Nasdaq sale appears to indicate panic buying attributes. The Arms, a volume-weighted indicator of market breadth, generally increases when the stock market declines, the magnitude of declining stock sales tends to be greater than the magnitude of stock purchase gaining ground. When that happens, the Weapons Index tends to rise above 1,000; Market technicians believe an increase above 2,000 suggests panic-like activity. The NYSE Arms index early Wednesday was at 2.110, while the Nasdaq Arms index was below 0.500, which is generally a level considered by market techs suggesting panic buying attributes. The levels of the Arms index are presented as the DIA Jones Industrial Average DJIA,
it dropped 4530 points, or 1.7%, to 25,724, the S&P 500 SPX index,
it fell 1.5% to 3,084, while the Nasdaq Composite Index COMP,
It fell 1.2% to 10,000, despite the indication of the Panic Buy Arms Index. The Nasdaq is on an eight-day winning streak and recorded its second consecutive record close on Tuesday, and investors have voiced concern that earnings are creating a growing chasm between technology-related stocks that have been fueled by the COVID-19 pandemic and the market in general. .
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