The hap nautical chart tracks the publish of mutual stocks across all exchanges that convey made 3 calendar month novel highs vs. lows. Typically this stair out peaks ahead of toll during bullish intermediate-term cycles. We tin encounter that novel highs convey indeed peaked and, though nosotros convey been trading at or virtually toll highs lately, the publish of shares hitting fresh peaks has diminished. Still, we're non seeing cyberspace novel lows equally nosotros did prior to peaks inwards April, July, in addition to September. (Raw information from the Barchart site).
The middle nautical chart follows the publish of stocks listed on the NYSE that closed higher upwards vs. below their upper in addition to lower Bollinger Bands. This has tended to peak in addition to trough ahead of toll during the upwards in addition to downward phases of marketplace cycles. Again, we've seen a peak inwards this measure, simply equally nonetheless non the negative readings that preceded the July in addition to September peaks. (Raw information from the Stock Charts site).
The bottom nautical chart tracks the publish of stocks listed on the NYSE that laissez passer on purchase vs. sell signals on the Commodity Channel Index (CCI) per the Stock Charts site. Once i time to a greater extent than nosotros encounter a peak inwards purchase signals, simply non equally nonetheless an expansion of sell signals equally nosotros saw prior to the September peak.
In sum, we're seeing signs of waning upside momentum, simply non nonetheless a pickup inwards downside momentum. For that reason, I believe it's premature to assume that this marketplace is on the verge of a correction on the guild of August or October.
Further Reading: Will this Market Roll Over?
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