The two charts below of the percentage of stocks above their 50 and 200 day moving averages, respectively, show that they are flirting with major support (at the 35 level and the 60 level, respectively). A drop and hold below those levels could see these percentages free-fall for awhile down to their 3-year lows, or lower.
Note the downward-sloping highs on the second chart from last July...indicating that, longer term, the percentage of stocks above the 200 MA has been waning and making successive lower highs, and warning of a weakening market, in general.
Correlated with a break and hold below those would be a break and hold below, firstly, 2000 on the SPX, then, 1966 (200 MA)...we could, then, very well see a re-test of 1850 or 1800 (or lower) in short order.
No wonder we've seen some very volatile overnight and intraday swings since last July. I expect to see that volatility continue until we see a clear break and hold above 2100 on the SPX, along with a bullish cross-over (and hold) of the 50 MA above the 200 MA on the second chart (above).
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
Living In A Time
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. May 24, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. May 31 @ 2:00 pm ET - Beige Book Report
* Fri. June 2 @ 8:30 am ET - Employment Data
* Wed. June 14 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. July 26 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.