have not. Also, the 20% gauge has no significance in technical analysis. It's just an arbitrary number that somehow stuck on Wall Street.
There is no causative reasoning attached to that figure, and the market has whipsawed between this gauge of bull and bear markets repeated without any direction. In last week's post, I, who correctly shorted the 2008 and this year's crashes. The S&P 500 experienced its worst first half since 1970. Now, he's adamant that we are in a bear market rally which is a bull trap, and ridicules the 20% rally for the Nasdaq.
In other words, value and defensive stocks were the only sectors that outperformed for two straight weeks. We see the same pattern among the S&P 500 sectors, where consumer staples provided the best results, adding 1.85% of value, followed by utilities' 1.3% gain. On the other hand, communication services plunged 3.1%, making this tech sector the worst weekly performer.
Nevertheless, all four major averages were rejected by the 50-week moving average after crossing the 100-week MA. Even the Dow Jones showed bearish signs with its two-weeks superior performance.The Dow formed a weekly shooting star - even after that superior performance - and peaked above but closed below the 50 WMA, reinforcing the falling channel top.
Just because I use technical analysis does not mean that all chartists agree with me. Technicians point out that the recent rally had breadth, as the number of stocks with new highs surpassed those with new lows. The number of S&P 500 stocks that crossed above the 50-day MA reached 90%, considered bullish, along withHowever, I will be comfortable turning bullish only after the weekly chart shows rising peaks and troughs.
Reacting to what IS happening is far more valuable than trying to predict what MAY happen. Stay nimble.
Nice charts
Money week is here 💰
Why is nobody talkiingg about thiss.?
What does it mean ?
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