This week we saw a several changes in trend. Banks stocks that were once holding are starting to roll over. Semiconductors are resilient but having difficulty pushing through. Mega cap technology leaders continue to lead but we did see a pause. Several new leaders are emerging but without index leadership for how long? Currently we have one of the lowest NYSE new highs readings this year. This usually is a sign of less breadth and a weaker market. The amount of SP500 stocks above the 200 SMA has broken 50% and we are currently at 6 month lows on the reading. Over 50% is a sign of a healthy bull market. For example the reading was over 50% during July 2020 to January 2022. For most of 2022 we were below the 50% line. Technically a lot is changing.
📈Times are Changing*New Trend*
📈Times are Changing*New Trend*
📈Times are Changing*New Trend*
This week we saw a several changes in trend. Banks stocks that were once holding are starting to roll over. Semiconductors are resilient but having difficulty pushing through. Mega cap technology leaders continue to lead but we did see a pause. Several new leaders are emerging but without index leadership for how long? Currently we have one of the lowest NYSE new highs readings this year. This usually is a sign of less breadth and a weaker market. The amount of SP500 stocks above the 200 SMA has broken 50% and we are currently at 6 month lows on the reading. Over 50% is a sign of a healthy bull market. For example the reading was over 50% during July 2020 to January 2022. For most of 2022 we were below the 50% line. Technically a lot is changing.