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Excellent chart. This chart basically shows that when the % of stocks above their 10ma is this low, there is some sort of a bounce - not sure about the extent or size of the bounce, but a bounce is definitely coming.
maybe it's 100% mm, but need clear the range bounded by horizontal blue lines first.
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tricky.. at neckline? or still need a RS? .. messy if at neckline… seems a better RS maybe needed. right chart orange.. not talking about left chart pink RS
nikman wrote:Excellent chart. This chart basically shows that when the % of stocks above their 10ma is this low, there is some sort of a bounce AGREE
not sure about the extent or size OR TIMING of the bounceAGREEbut a bounce is definitely coming.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
a long position on 1 minute SPY came a little bit close to getting stopped out but never did on a possible failed cup and handle. cup and handle succeeded instead of getting stopped out. just a bull train.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23