I really dislike time based charts because of the Globex trading hours. BUT on the other hand it is not fair to the Klinger Volume Oscillator to not have volume readings. So for this chart I live with the extended night. Bottom line, if you are a bear, is that this morning was just a retrace of the major move down. But it needs to do more to confirm that theory.
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If bulls are able to touch the blue line then it's cup with handle, breakout would be more likely. I don't think it'd be a double top.
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This time is more likely a lower high than the previous time.
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" If you only keep track of the S&P 500, you’re probably oblivious to the increasing number of U.S. listed stocks that have declined 50% or more from their 52-week highs.... that number currently exceeds 2,000.
The last time we saw numbers anywhere close to that was March 2020 and, prior to that, the 2008 financial crisis [SEE THESE CHARTS] https://novelinvestor.com/the-hidden-market-crash/
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Al_Dente wrote:" If you only keep track of the S&P 500, you’re probably oblivious to the increasing number of U.S. listed stocks that have declined 50% or more from their 52-week highs.... that number currently exceeds 2,000.
G.Soloway: "Incredible to see that Robinhood (HOOD) hit $85 after its IPO in the insanity of wallstreetbets, and 6 months later it is trading at $10-$13. A lot of new investors are getting the lessons the previous investor generation learned in 2008-09 and 1999-2000."
Today is typical example. SPY currently up .70%, but there are >700 issues declining over advancing and up/down volume is about 2/3... big tech and marketweight skewing the averages. RSP is barely green.
Earlier in the day, Briefing.com reported: "The Vanguard Mega Cap Growth ETF (MGK 227.29, +4.42) is up 2.0%, versus a 0.1% decline in the Invesco S&P 500 Equal Weight ETF (RSP 150.63, -0.07)."
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