Info!! Indicator Update For March 10Th

This volition update my recent post on the marketplace indicators too approximately of the conclusions from that review. Blogger is non allowing me to post charts, too thus delight excuse their absence.

* New Highs/Lows - Fri nosotros saw levels of novel lows consistent with recent momentum lows inwards markets. There were 224 novel 20-day highs against 3150 novel lows. We too saw 97 novel 65-day highs across the NYSE, NASDAQ, too ASE, against 1225 novel lows. This represents pregnant weakness, but too thus far remains below the orbit of novel lows registered inwards January. Similarly, if nosotros only hold off at the mutual stocks traded on the NYSE, nosotros had 7 novel 52-week highs, but 246 novel lows. Note that 52-week novel lows inwards Jan swelled to over 700. Among S&P 600 pocket-sized caps, Fri had ii novel 52-week highs too eighty novel lows. (January's novel lows exceeded 200). And finally, alongside the S&P 500 large caps, nosotros had no novel highs too 73 fresh annual lows. (January's novel lows too exceeded 200). Long story short, in that location are divergences inwards the high/low information that brand me interrogation the downside from here.

* Sentiment - As my recent post indicated, watch is quite bearish too is showtime to hitting levels associated with recent marketplace bottoms. Shorter-term, nosotros decease on to run across weakness inwards the NYSE TICK, with the cumulative line of piece of employment inwards a clear downtrend. I require to run across prove of buying involvement inwards the TICK earlier aggressively pursuing the upside inwards this market. Seven of the in conclusion 8 trading sessions accept seen internet selling inwards the Cumulative Adjusted TICK; my breakdown of buying vs. selling involvement shows overwhelmingly inwards a higher house average selling delineate per unit of measurement area during that time. The coast is non clear for bulls unless too until this selling delineate per unit of measurement area abates too nosotros run across prove of above-average buying (which has occurred alone i time inwards the by 8 sessions).

* Overbought/Oversold - My Cumulative Demand/Supply indicator is a pilus breadth away from the -30 orbit that has typified recent bottoms inwards the stock market. Supply has exceeded need for vi of the by 7 trading sessions, which shows odd sustained selling activity. (Recall that Supply too Demand are indexes of the publish of stocks closing below vs. inwards a higher house the volatility envelopes surrounding their moving averages). Longer-term, nosotros accept 18% of SPX stocks trading inwards a higher house their 200-day moving averages too 14% trading inwards a higher house their 50-day moving averages--quite oversold, but withal inwards a higher house the really depression levels registered inwards January(14% too 8%, respectively).

* Advance-Decline Lines - We're seeing novel lows inwards the AD Lines for NYSE mutual stocks too for NASDAQ 100 stocks, S&P 500 stocks, too S&P 600 stocks. It is clearly premature to survive aggressively buying the marketplace spell this indicator remains inwards a downtrend across the board.

In sum, we're seeing levels inwards the indicators consistent with momentum marketplace lows. Price lows tin give off beneath such momentum lows, too thus it is non at all inconceivable that nosotros could run across to a greater extent than downside inwards the days to come. Indeed, recent action has been skewed solidly to the downside, making bottom-fishing dangerous. Still, for the firstly fourth dimension inwards this comport market, we're seeing divergences inwards the information fifty-fifty amidst the selling delineate per unit of measurement area too bearish sentiment. That has me questioning the longer-term viability of the downside.
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