Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

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) \| Respond to of 218713

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