I ran a quick scan of S&P 500 stocks that are still above their 200 day moving average and have showed the largest strength on Friday. If you are a bull and believe that we are going back to the market highs then it is time to look for strong stocks. After these recoveries...
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How low can we go? Bottoms don’t usually make their lows at the end of the day so if we are near the bottom and today is the last day we most likely spike down and test or even poke through 1065.90 putting a low in place. I did a quick survey last night...
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The 52 week new highs were as weak as they have ever been during this bull run of the rally. The RUT put in only one new high and that hasn’t happened since over a year ago on April 20th 2009. New territory is being probed on the low side.
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Nothing of surprise based on Thursday’s weak market performance the 10 DHL chart keeps its –6 perfect bear score.
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The markets have become irrational, or some who have been waiting may be saying the markets are finally rational. The 40 DPI index now sits at 10.7% for the NYSE. Only 10% of the listed stocks are now trading above their 40 day moving average. Those are the type of numbers we were...
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Our charts are in a bearish mood putting in a perfect –18 bear score total for Wednesday’s trading. While we are not outside the parameters of previous pullbacks to indicate that this is some type of market change there are some elements of the old bear market starting to creep in. Like the 5...
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52 week new highs virtually vanished Wednesday with the weak opening and follow through. All three indexes put in lower daily bars and were not able to turn the momentum indicators.
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Wednesday’s market weakness drained the strength that was developing in the 10 DHML chart. Our score is a –6 with lower daily bars and lower momentum indicator.
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The 40 DPI for Wednesday continued its downward trek as the market moved lower. We now have under 20% of NYSE listed stocks trading above their 20 day moving average. We are in that historic bounce zone like the previous corrections. Lower we will we probing new territory and questioning the return of the...
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