Well, nosotros dipped below chiliad inward the ES overnight on weakness inward Asia as well as intelligence that China would live on cutting dorsum on trouble concern lending, but a turnaround inward real early on morning time merchandise lifted European stock markets as well as sent those ES futures inward a higher house yesterday's high as well as knocking at the door of the highs for this bull deed (chart above).
It's nonetheless roughly other example this calendar week of how coin managers accept jumped on short-term weakness to purchase stocks, putting sidelines coin to work. Not surprisingly, we're seeing buying across those correlated adventure assets, amongst a rising inward gilded as well as fossil oil as well as a rising inward the euro vs. the U.S. dollar. Interestingly, we're non seeing detail forcefulness inward 10-year Treasury yields. I'm watching the EUR/USD this morning; it's looking but a fleck toppy every bit of this writing.
Should nosotros come across novel bull highs inward stocks, nosotros would probable come across considerable divergences amid indicators as well as sectors. As this morning's Twitter posting indicated, nosotros solely had 698 stocks brand 20-day highs yesterday, against 229 lows. That compares to over 3000 20-day highs inward the final one-half of July. I'll live on tracking the indicators closely this weekend as well as volition post service to the blog.
My momentum indicator of Demand vs. Supply has been potent the by ii days; we're non nonetheless seeing meaningful topping inward that sensitive measure. We're too at bull highs inward the daily advance-decline stair out for NYSE mutual stocks. Both advise decent breadth to the recent rally, fueling this examination of bull highs.
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