Moving Average Breadth Charts Update
Attached is the NYSE long, medium and short term moving average breadth charts and the NYSE Bullish Percent Index.
As I highlighted earlier in the week there have been some major changes to be aware of in the NYSE Bullish Percent Index and the Moving Average Breadth charts, starting with the long term NYSE Bullish Percent Index, which reversed this week to a column of Os and hence moved to a defensive posture within the high risk zone at the top of the chart. The longer term NYSE Percentage of Stocks above their 200 day Moving Averages also moved lower this week to give a high pole warning on the 15th April, which imo moves it to Bear Alert status just above the key 70% level.
The medium term NYSE Percentage of Stocks above their 150 day Moving Averages chart which has been Bear Alert since late February also moved lower and is only 1% from making a double bottom breakdown which would move it to Bear Confirmed status.
The short term NYSE Percentage of Stocks above their 50 day Moving Averages chart has continued in it's downtrend and is now down to 48.29% in a column of Xs, which puts it in Bear Correction status imo after rebounding on Friday. However, it rarely makes a major low at this level and instead usually drops well below the 30% level before a short term bottom is put in, so I expect further downside from here, with bounces along the way.
The three other short term Percentage of Stocks above their 50 day Moving Averages charts (S&P 500, Nasdaq 100 and Dow 30) all ended the week on Bear Confirmed status as you can see in the table below, and so we are seeing much more negative picture from the moving average breadth charts develop, which can also be seen in the line charts for those who don't understand point and figure. With the relative performance of the NYSE Percentage of Stocks above their 150 day Moving Averages line chart versus the S&P 500 closing the week below it's 52 week MA - which is the line in the sand between bullish and bearish relative strength, and so a sell signal from that particular measure also.
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