What happened
The nine-day winning streak snapped, and the seven-record run with it. The Dow dropped 621 points, and the day-old breadth improvement failed hard — the fast gauge swung from +3 to -24, and tech participation fell back to exactly the 60% line.
Oil rose 2% on renewed US–Iran friction and the 10-year yield pushed back to 4.50%. The broad NYSE index was rejected precisely at its February high — a level a lot of technicians were watching.
The dashboard
Above the 60% line — the tech rally counts as broad.
0.29 points ABOVE the 77.88 threshold — provisional; only the month-end close counts.
Overbought territory — a fast climb that often precedes digestion.
Negative — decliners outweigh advancers beneath the surface.
The trend at a glance
Reference levels on this date
| Reference | Level | Plain meaning |
|---|---|---|
| NDX · 200-day average | 25,491 | The long-term trend line. |
| NDX · deep-value band (QEMA5) | 25,661 | The quarterly EMA-5 — the zone that has caught nearly every major dip this cycle. |
| SPX · 200-day average | 6,848 | The long-term trend line. |
| SPX · deep-value band (QEMA5) | 6,775 | The equivalent deep-support reference for the broad index. |
Framework read
One down day after nine up is normal. The failure of the breadth repair in a single session is the part the framework underlined.