The following suggest that at least a couple of days consolidation are imminent:
% of 50 Leaders above:
10SMA - 82% (overbought)
50SMA - 86% (overbought)
150SMA - 98% (Golly Gosh)
OK - so overbought can get more overbought.
Then add this to the pot.
Current 5SMA of % Advances/Declines = 61.4%.
The 5SMA of ADV/DECL% has been above 60% six times since mid-April.
Five of those six times the market declined soon after for at least a couple of days.
The odd one out was in Mid-July which precipitated the current rally. That occurred after a significant decline and was part of a 13-Day consecutive run-up in the A/D Line.
Given that the current figure is occurring at the top of a rally (as in all but one of the cases) - not the bottom - the probabilities lie with a retracement of at least short-term duration.
The June-July correction was precipitated by a 5DSMA % reading of 60.3%.
I'll leave those figures for you to think about.
By the way - I tried to add this to the Tuesday list for XJO - but that list is so congested it froze my computer. Could someone start a new one for Thursday?
Cheers
Red
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- snippets - 9/10/09
The following suggest that at least a couple of days...
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