Bullish Percents all in the red - intermediate down trend in play
May 21st saw the bullish percents of the Nasdaq and S&P follow that of the Dow with a bearish cross of the 5-day EMA. The S&P compounded the loss with a break of rising support connected by March-April dips using closing price.
Overall, these breadth indicators haven't fully reached typical tops for either a bull or bear market. If the cyclical bull market is still in play - which I don't think it is - then these can move much higher before a top is signalled.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
Overall, these breadth indicators haven't fully reached typical tops for either a bull or bear market. If the cyclical bull market is still in play - which I don't think it is - then these can move much higher before a top is signalled.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
posted by Declan Fallon @ 10:16 AM
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