The NYSE Bullish Percent Index has today reversed and is now in a column of Os at the critical 70% level, and so moves to Bull Correction status, but is very close to a potential double bottom sell signal if it closes below 68%.
The medium term NYSE Percentage of Stocks above their 150 day Moving Averages chart ($NYA150R) chart moved lower and closed below it’s 60% level, which is important, as a phenomenon know as the 80-60-40 rule now comes into play – where historical statistics show that there’s now a high probability of it reaching 40% before it next reaches 80%.
The short term NYSE Percentage of Stocks above their 50 day Moving Averages chart ($NYA50R) gave another double bottom breakdown and so moves once again back to Bear Confirmed status. But note that it’s now moving into the lower range of the chart.
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