Posted by Big test looming for the S&P here as price runs into:
1. trendline from ATH
2. 3 ATRs above the mean
3. 200 SMA
4. Median Line
5. Price is in the "ambush zone" (between the 50% & 61.8% Fib levels from ATH) pic.twitter.com/XRaScOKn0l— Simon Ree (@simon_ree) August 16, 2022
Halfway thru AUG22, as always, the net New High/New Low gauge differential reflects what is happening. That is now 13 of the last 14 trading days are positive. It’s also the longest positive streak since early to mid Nov’21 when the market peaked. pic.twitter.com/lcCcETGHKz
— John Boik (@monsterstocks1) August 15, 2022
Bear market rally or new bull market? One thing is clear: There is a lot of momentum behind this rally, as measured by the percentage of stocks with an RSI (relative strength indicator) above 70. pic.twitter.com/2pwCk8xGzf
— Jurrien Timmer (@TimmerFidelity) August 15, 2022
Just to put things into perspective: The S&P 500 at 4,300 already has a P/E ratio of almost 19 again. pic.twitter.com/7JQKxiLOKp
— Holger Zschaepitz (@Schuldensuehner) August 15, 2022
$SPX RSI-14 is now above 72 (1st pic). This type of reading is typically a bull market reading. The below charts show the SPX's RSI in 2000-2003 (2nd pic) and 2007-2009 (3rd pic). If the market doesn't sell off almost immediately, it will suggest the bear market is over. $SPY pic.twitter.com/J79sOGwE45
— TT Trading, CMT (@TT__Trading) August 15, 2022
My fav from @RyanDetrick …
Seasonality turns soft starting Thursday $SPY pic.twitter.com/hd3kRAU96W— Mike Zaccardi, CFA, CMT (@MikeZaccardi) August 15, 2022
According to GS Prime, this rally has now become the 3rd biggest hedge fund short covering event in the last decade. $SPY $QQQ $AAPL $TSLA $NVDA pic.twitter.com/IiEDqOEr0U
— David Marlin (@Marlin_Capital) August 13, 2022
99% of industry groups are above their 10-week average.
Last three times this happened:
Nov 2020
Jun 2020
Mar 2019 pic.twitter.com/TVYvCWsaCv— Willie Delwiche, CMT, CFA (@WillieDelwiche) August 13, 2022