Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: Machaon who wrote (144804)	5/2/2020 1:30:55 PM
From: GROUND ZERO™	6 Recommendations Recommended By El Ringo Machaon McKia Pntrlady toccodolce and 1 more member Read Replies (1) of 218674

Here's the problem I see right now with these markets... Of all 500 SP companies, only 21.44% of them are above their 200 DMA and for the entire NYSE only 14.16% are above their 200 DMA... this is not bullish, this means this rally has been led mostly by a few heavy weights right now and my indicators are also beginning to roll over... All my portfolio positions were also stopped out... Therefore, despite the incredible rally we've already seen so far, we may well still be in a bear market bounce until the SPY can move above its 200 DMA with conviction... the SP retraced about 61.8% of its decline and the RUT about 50% of its decline... although, on a percentage basis, the bounce was bigger than the decline because we were starting from a lower number... I could easily be very wrong, but this is how it looks right now, so I suspect more weakness before more buying... Of course, if we open 600 DOW points higher on Monday, then my hunch is wrong, so we'll see and let's hope for the best, I want these markets to go higher... GZ

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