Hold off on those 2008 SPX analogies for now

INDEX:S1TH   S&P 100 Stocks Above 200-Day Average
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.
Are you aware of John Carlucci's use of this chart:
I find this to be an excellent general market direction indicator.
codypd Algyros
I wasn't - thanks for the link!
codypd codypd
That 65% threshold he mentions on the weekly is interesting ...
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