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Wednesday, January 19, 2022 9:46:56 AM
Technical warnings have piled up
By: SentimenTrader | January 19, 2022
Near the end of December, there was a surge in buying pressure in many stocks. That led to positive breadth thrusts in the S&P 500 and even among broader securities traded on the NYSE. Markets have not reacted well since, which is a worry.
From a longer-term point of view, there are other concerns. Over the past six months, there have been many days when indexes like the S&P 500 or Nasdaq Composite have reached a 52-week high. However, within mere days, more stocks and other securities were trading at 52-week lows than 52-week highs.
That type of behavior has triggered a cluster of Titanic Syndrome warnings for securities on the NYSE.
Those haven't just been firing on the NYSE. While fewer lately, there have also been a bunch of signals among securities traded on the Nasdaq.
When we combine the signals on both exchanges and tally them up over the past 6 months, there have been 34 signals. In other words, nearly 30% of all days since July have seen a Titanic Syndrome warning on either the NYSE or Nasdaq exchanges. This is the 3rd-highest reading in almost 40 years.
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By: SentimenTrader | January 19, 2022
Near the end of December, there was a surge in buying pressure in many stocks. That led to positive breadth thrusts in the S&P 500 and even among broader securities traded on the NYSE. Markets have not reacted well since, which is a worry.
From a longer-term point of view, there are other concerns. Over the past six months, there have been many days when indexes like the S&P 500 or Nasdaq Composite have reached a 52-week high. However, within mere days, more stocks and other securities were trading at 52-week lows than 52-week highs.
That type of behavior has triggered a cluster of Titanic Syndrome warnings for securities on the NYSE.
Those haven't just been firing on the NYSE. While fewer lately, there have also been a bunch of signals among securities traded on the Nasdaq.
When we combine the signals on both exchanges and tally them up over the past 6 months, there have been 34 signals. In other words, nearly 30% of all days since July have seen a Titanic Syndrome warning on either the NYSE or Nasdaq exchanges. This is the 3rd-highest reading in almost 40 years.
Read Full Story »»»
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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