Tuesday April 26 2022
Our view is that all major strock indexes peaked between November 2021 and January 2022. We showed that the NASD has been weakening internally after peaking early in 2021. The last few days are accelerating this process.
A big down day for stocks today
NASD internals
This graph shows the percent of NASD stocks over their 50 day moving average. That peake last January over a year ago. A few heavy weighted stocks like NFLX has kept the average higher than it would be if all stocks were eweighted equally.
NYSE Advance Decline peaked in November
this is our most reliable indicator. It ahs broken through all four weekly moving averages.
ARKK is Cathie Woods ETF of money losing stocks now down 66% since January 2021.
NFLX this is the way the dot.coms turned after the March 2000 high, I think the social media stocks are a good proxy for the dot.coms of vice versa NFLX is already down 71%.
Inflation has been very much in the news but the GSCI is now moving sideways.
Crude Oil, a break of 95 will signal a top is in and lead to lower prices much faster than most think.
Note the successive highs since early March. PMO is also falling at bottom.
Tom McClellan suggested a low in bond prices via his gold indicator to have occurred this past Friday, Indeed Treasury bonds have rallied yesterday and today but that has not spread to the bond market in general, I am surprised given the stock sell off today.
TLT was up one percent today.
Hmm what is it Tesla stockholders do not like about the Twitter purchase?
Comments