The market averages are bubbling along near the all time high, but all is not well beneath the surface. For the past week I have been noting here that my swing trade screens of around 1300 bigger NYSE and Nadsaq stocks have been revealing way more sell setups and signals than buys. That continued with the screen of charts from last night’s closing prices. There were 42 buy setups and 7 were triggered. There were 131 sell side setups and a whopping 43 were triggered yesterday. The sell side numbers keep going up, while the buy side numbers remain stable at low levels.
In other words, a few behemoths are masking underlying weakness that may just be getting started and eventually could metastasize to Wall Street’s nerve center.
Today, the ES chart looks quiet again. Nothing is going on at the top of the list. But you will note that over the past few days there have been lower highs and lower lows. This happened during a 5 day cycle up phase. If this is the up phase, I can’t wait to see the down. A 5 day cycle high is due today or next day. The hourly cycle oscillators have just ticked to the sell side from a low level. Buckle up Tamara.
For moron the markets, see:
- When Gold Breaks Out June 25, 2024
- Swing Trade Screen Picks – Stick It June 24, 2024
- Weak Trend Status Quo June 23, 2024
- Here Cometh the Grim Repo Man June 20, 2024
- May Tax Collections Were Super Bullish June 6, 2024
- The Fed Doesn’t Matter Any More May 1, 2024
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