Jan 1 2019
I remarked on the widespread level of fear among market writers last week.
Here is our most reliable market indicator.
THe MAs are begining to turn up which is positive as is MACD at bottom and RSI at top.
Bullish Percent 200 Day MA
A drop from 70% to near 10 percent in three months is a real correction. Again the MAs seem to be bottoming and MACD as well.
NASD New Lows Has Returned to its 'normal ' reading.
It is hard to imagine a new torrent of selling with these charts in this position. Readers are again referred to McClellan's 10-1 article posted last Friday.
Weekly NYSE Bullish Percent
This view is one we have not heard on CNBC or Fox Business. The rally peaked early in 2018. the rest of the year represented a orrectionwhich collapsed in the fourth quarter. That done we may have a buying opportunity at hand.
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