codypd

Hold off on those 2008 SPX analogies for now

INDEX:S1TH   S&P 100 Stocks Above 200-Day Average
38 3 2
When looking at the % of S&P100 stocks above their 200 day average on a monthly basis, you could see 2008 coming. Sustained price momentum decay led that % to under 45% before the S&P500             started taking on serious losses.

That channel is to the left in green on this chart. Shift your eyes right and notice the green channel we are in now. I drew that channel about a month ago and came across this chart today while deleting old charts.

I will be keeping this one - notice we are crawling sieways out of that channel above the 45% level? We may dip to 45% in the next few months for a correction (I half expect such to happen) but the tight, momentum building channel off of the high that started in late 2006? Not happening this time.
Algyros PRO
2 years ago
Thanks.
Are you aware of John Carlucci's use of this chart: http://www.advisorperspectives.com/dshort/guest/John-Carlucci-Best-Indicator-Ever-Update.php?
I find this to be an excellent general market direction indicator.
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codypd Algyros
2 years ago
I wasn't - thanks for the link!
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codypd codypd
2 years ago
That 65% threshold he mentions on the weekly is interesting ...
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