(Click on the above chart to enlarge.)
Slowly the market is working off its overbought readings.
The per cent of stocks from the 50 Leaders above the 10-Day Moving Average is now below the overbought level of 80 and heading down.
The number of stocks from the 50 Leaders making new 20-Day Highs was still at a very high reading of 16 stocks (32%) even though the market had a down day. No new lows were recorded for the tenth trading day in a row. That's a remarkably bullish run.
The Advance/Decline Ratio was still at a bullish reading of 1.4:1, while the UpVol/DownVol Ratio was just below parity at 0.99:1.
This Santa Rally is not giving in easily.
Cheers
Red
No comments:
Post a Comment