Wednesday, November 09, 2016 8:47:01 AM
** Watch whether the SPX new 52-wk highs # expands or declines over the coming weeks,
because the two moving averages I show on the daily
chart below have been declining since their July 2016 Moving Average peak
* only recently on November 7 and 8th the # of new 52-week price highs is trying to narrow the distance between the two moving averages ... if the bulls steadily take control of the future price action these two moving averages for this S&P500 internal 100% need to reverse to the upside direction on a lasting basis
* Note: the direction for the # of new 52-week highs and lows metric eventually coordinate the timing of actual trending or reversal chart events with the price action residing above OR below the S&P500 and S&P1500 price's 100-day sma shown as the green moving averages on the chart below:
because the two moving averages I show on the daily
chart below have been declining since their July 2016 Moving Average peak
* only recently on November 7 and 8th the # of new 52-week price highs is trying to narrow the distance between the two moving averages ... if the bulls steadily take control of the future price action these two moving averages for this S&P500 internal 100% need to reverse to the upside direction on a lasting basis
* Note: the direction for the # of new 52-week highs and lows metric eventually coordinate the timing of actual trending or reversal chart events with the price action residing above OR below the S&P500 and S&P1500 price's 100-day sma shown as the green moving averages on the chart below:
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