Short term, the 50 Leaders are now clearly oversold with the percentage of stocks above the 10-Day Moving Average now registering just 4%. The percentage of the 50 Leaders below the 50-Day Moving Average could still drop further as it did in late-October/early-November. That seems a likely scenario.The biggest worry about this chart is the percentage of the 50 Leaders below the 150-Day Moving Average. In itself it is not a worry - 62% - but it is now at 5-Month low and still dropping. This has the potential to be a trend changing move. If this graph drops below 50% then I think we can safely say we have a trend change.
Cheers
Red
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