As the helpful nautical chart from Decision Point illustrates, we're testing the Oct lows inward the NYSE Composite Index (top pane), exactly we're already making fresh acquit lows on the advance-decline trouble specific to NYSE mutual stocks solely (bottom pane). Meanwhile, nosotros had 1208 stocks brand fresh 65-day lows across the NYSE, NASDAQ, as well as ASE, which is solely virtually one-half the number that nosotros saw inward belatedly Oct as well as less than a 5th of the number nosotros saw during the 2nd calendar week of October.
With Wednesday's wide reject (declining stocks led advancing issues past times over 2600 issues on the NYSE), the xl stocks inward my handbasket (five highly weighted issues from each of 8 S&P 500 sectors) bring turned distinctly bearish. Only ane stock is showing a neutral short-term trending fashion on my Technical Strength measure; the remaining 39 are inward downtrends.
While the non-confirmations to appointment from the novel highs/lows as well as Cumulative NYSE TICK are enticing for bottom-fishers, the weakness amidst the S&P 500 sectors as well as the advance-decline trouble present us inward a potent short-term downtrend. We've had about sudden upward bounces during the trading days this week, exactly the buying involvement has non been sustained. We instantly demand to encounter selling involvement as well as momentum dry out upward at the hit lows if this is indeed to hold upward purpose of a bottoming process. To date, that drying upward has non occurred.
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