Stock Market Update

[BRIEFING.COM] The Nasdaq Composite trades about 125 points higher, thanks in large part to mega cap buying interest.

The upside pull in mega caps seems to be a manifestation of the buy-the-dip mentality that had been working for market participants earlier this year. Apple (AAPL 238.62, +0.58, +0.2%), Amazon.com (AMZN 205.94, +0.93, +0.5%), and Microsoft (MSFT 390.78, +2.31, +0.6%) are standouts in that respect.

Some technical movement is in play for Amazon, which traded one point below its 200-day moving average (198) at its session low before support stepped in. 

The overall bias is still negative, though. The Invesco S&P 500 Equal Weight ETF (RSP) shows a 0.5% decline. Decliners have a 2-to-1 lead over advancers at the NYSE and an 11-to-10 lead at the Nasdaq.