Market Breadth shows downside singals...
The chart shows the S&P500 Future, continiues contract ES1!.
Below you see the charts of the percentage of stocks which above their 50, 100, 200 SMA.
I watch this market breadth indicator closely to see the if a trend is just based on a few big stocks or is "the flow lifting all boats".
What I observe now is that we hat a similar situation in the indicators at the top in December 2022, before we had a 1 year down move...
On top I see a potential bearish divergence in the MACD.
ES1!
Below you see the charts of the percentage of stocks which above their 50, 100, 200 SMA.
I watch this market breadth indicator closely to see the if a trend is just based on a few big stocks or is "the flow lifting all boats".
What I observe now is that we hat a similar situation in the indicators at the top in December 2022, before we had a 1 year down move...
On top I see a potential bearish divergence in the MACD.
ES1!
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of course December 2021.. January 2022
Murat Oers (CFTe)