Hold off on those 2008 SPX analogies for now
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.
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.