Institutional money has been hiding in the old heavily weighted mega cap tech names, and that is propping up the Nasdaq Composite relative to the other indexes. However, when you look under the hood you see that only 20% of Nasdaq stocks are above their 50-day moving average lines and only 29% are above the 200-day, which tells you that participation is still thin. Before getting aggressive in this market, I'm looking for better action from breakout names and broader participation outside the old leaders.