Most Major U.S. Indices (with the exception of the Dow 30 and Dow Utilities) are now below their 50-day MA, as shown on the following Daily chartgrid.
The following tables (Source: www.barchart.com) depict where the percentages of stocks in those indices were trading above a variety of moving averages two weeks ago.
The next set of tables depict where their percentages are as of Friday's close.
You can see the dramatic shift from green to red, not only on the 50-day MA, but also the erosion beginning on the 100, 150 and 200-day MAs.
Even if we did see a "short-term Jackson Hole bounce" into next week, as I described here, it may be that, in the medium-to-longer term, the next overall prognosis for equities is further weakness ahead.
So, it may be prudent to track these percentages over the weeks to come, along with the SPX:VIX ratio mentioned in my post, to measure any further erosion and the velocity of such erosion.
It could be that we may not see any kind of meaningful and sustained buying enter the markets until most stocks are at, or below, the 200 MA.
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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Mon. May 28 ~ U.S. markets closed for Memorial Day Holiday
* Wed. May 30 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 1 @ 8:30 am ET ~ Employment Data
* Tues. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. June 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. July 3 ~ U.S. markets close early at 1:00 pm ET
* Wed. July 4 ~ U.S. markets closed for Independence Day Holiday
* Thurs. July 5 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* JCPOA - Will President Trump recertify the JCPOA on May 12?...stay tuned...May 8 the answer is "No"...US pariticipation in the deal
is scrapped...new sanctions coming for Iran and, possibly, for nations supporting Iran.