The downtrend in the S&P 500 Index seems to remain firmly in place. This downward move in the market has occurred on increasingly higher volumes as well.
(click on chart for larger image)
Based on the percentage of stocks trading above their 50 day and 200 day moving averages, extreme oversold levels have not been reached. However, given the strong pullback this past week, a positive bounce in the interim could be realized next week.
(click on chart for larger image)
Lastly, Bespoke Investment Group provided commentary earlier this week on the high level of short interest on the NYSE. Bespoke makes the point in their short interest commentary that this contrary indicator has been less reliable and why. It is worth reading Bespoke's short interest post.
(click on chart for larger image)
No comments :
Post a Comment