Posted by 86.3% of S&P 500 stocks are now above their 50-DMAs, with 9 of 11 sectors above 80% and 4 above 90%. 100% of S&P 500 Consumer Staples stocks are above their 50-DMAs.
See more breadth measures at https://t.co/H4p1RcpfIn pic.twitter.com/LeUu7ubCBj
— Bespoke (@bespokeinvest) November 22, 2022
Using these two periods as analogs, buying gold selling short the S&P 500 averaged 147% over the next two years excluding dividends.
h/t @tavicosta pic.twitter.com/5zr40D3gAo— Kevin C. Smith, CFA (@crescatkevin) November 21, 2022
$SPX – Last hurrah?
– Price approaching 200-day ma + trendline resistance
– $VIX coiling
– Elevated multiple (~18X NTM "fantasy" EPS)
– Fed hiking + QT
– Inverted yield curve + negative LEIs
– #recessionBear-market likely to end with capitulation during H1 '23 pic.twitter.com/SD4CL2K60t
— Puru Saxena (@saxena_puru) November 23, 2022
$SPX continues to consolidate on the way to a higher high at the end of this week. The next 17-19 TD cycle high is due on November 25-29. A breakout above last week's high at 4029 will test the 200 DMA at 4064. A higher high will be invalidated in case of a close below 3908. pic.twitter.com/K6zg0ph4os
— CyclesFan (@CyclesFan) November 21, 2022
This rally in $SPX has retraced 61.8% of prior decline –
Previous two rallies also failed around 61.8% Fibonacci level…given deteriorating economy + elevated valuations, on watch for the commencement of the next leg down in this bear-market. pic.twitter.com/Nshdrx7tII
— Puru Saxena (@saxena_puru) November 22, 2022
2022 has been the year of taking profits at the 61.8% retracement. $SPX S&P 500.
Will this time be the same? pic.twitter.com/2oDqd4amTb
— Jay R. Ligon (@TheeDisruptor) November 19, 2022
My views on the $SPX are very simple, there's a good chance that we test 4200$ before the next leg.
The next leg is going to be the most brutal of this bear market, we will experience a $VIX explosion, liquidity will drain and we will test 3100$.
And then the FED will come. pic.twitter.com/UjJgitxggy
— Alex (@OmegaBLADE97) November 20, 2022
• Still looking for one more high to complete w(B)
• Thursday's low could be swept first, but as long as 3865 holds this remains in play https://t.co/jxANwUWmwP pic.twitter.com/zpF7aQS4lA
— Chandler Trades (@ChandlerTrading) November 21, 2022