Market Breadth Update
Attached is the NYSE long, medium and short term moving average breadth charts and the NYSE Bullish Percent Index.
The short term charts continue to be where all the movement is with the S&P 500 and the DOW 30 Percentage of Stock Above their 50 day Moving Averages reversing back to a column of Xs once more. Which negated the Bear Alert in those, and although I've put the DOW on Bear Correction now, as the last breakout signal it had was a sell, it's kind of in neutral territory between bull and bear. But at the elevated level it's at the risk is to the downside.
The line charts show the short term moves in all the charts the clearest, which shows that they are very close to giving sell signals, and so with a new quarter beginning next week, the participation will need to broaden again, or it could go negative quickly as it won't take much to push these to a sell signal.
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