As nosotros tin encounter from the nautical chart above, the S&P 500 Index (SPY, bluish line) is hovering virtually its recent highs, exactly the release of NYSE, NASDAQ, together with ASE stocks registering fresh 20-day highs minus lows (pink line) has been dwindling. We are seeing an increasing release of sector non-confirmations (one sector makes short-term highs, others practise not), together with pocket-sized cap stocks convey retreated from their upside leadership.
The 391 novel 20-day lows registered on Tuesday was the highest release we've seen since early on March; fifty-fifty today's 281 is good higher upwardly the grade seen before inwards the month. I volition endure watching closely to encounter if these numbers maintain to expand, every bit this would propose a to a greater extent than serious correction of the recent marketplace position upturn.
We've too seen weaker readings inwards the Demand/Supply numbers, which rail the release of stocks closing higher upwardly vs. below the volatility envelopes surrounding their short-term moving averages. For example, Demand striking 160 on Apr 2d together with 137 on Apr 9th, exactly peaked at 100 together with therefore far this calendar week on Tuesday.
To maintain the upturn going, nosotros require to encounter continued participation across marketplace position sectors. I volition endure scrutinizing whatever tests of novel cost highs accompanied past times multiple divergences amidst indexes together with sectors. Those interested inwards tracking these indicators daily volition abide by them posted each morn via Twitter prior to the marketplace position open; subscription is free, or you lot tin alternative the tweets off on the abode page.
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