Weekend June 24 2023
Buried in the weekend WSJ is the news that CAR MAX sales fell 17.4% in the last quarter, higher interest rates to blame. But be on alert, like the drop in Fed Ex business, clues of the slow down accumulate.
NYSE A/D
This tells it all in one picture. The overall market peaked last February, the beauty of what you see here is that it is unweighted, each stock counts the same. So we have a second lower peak in RSI, AD and PMO This is in stark contrast to the quote we opened with in yesterday's column.
MYSE an unweighted index
No surprise this looks much the same, again unlike NASD SPX which emphasize the value of a few stocks this treats them equally. I looked at lots of charts after posting the column and the June 16 date appears prominent again and again. In short it looks like the top to Wave 2 ;from the October bottom has formed, Wave Three down lies next and the drop in the next two charts adds to the certainty.
Bullish Percent NYSE, again Feb and June tops
SPX % over 10 day MA, while the spx is weighted this is just the total of all the stocks, and again Feb and June tops
NYSE Big Picture
The Nov 2021 top extended into early 2022 for other indexes. It appears Wave 1 bottomed Oct 2022 and Wave 2 is completing its lower high from Feb now. ON balance volume and PMO are far lower at the peak of Wave 2 which again is reality versus headlines like Gen Y can't let go stocks
Hedge, a bear fund is making a second higher low as the market make a second lower high.
Near no one in the main stream would believe this but again the low in the VIX is a warning not an assurance.
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