Market Breadth has Weakened: Implications for S&P 500 & Nasdaq

As of Friday, around 18% of the members in the S&P 500 index were above their respective 20-day moving average . Data from 1996 onwards suggests that when 17%-20% of the members were above their respective 20 DMAs, the index was up 67% of the time over the subsequent 30 days. That is, in such instances, 67% of the time the index returns have been positive over the subsequent one-month period based on historical performance .

Distribution plot of S&P 500 index returns when 21%-24% of members are below their respective Lower Bollinger BandFurthermore, as of Friday, 17% of the members in the S&P 500 index had the 14-day Relative Strength Index below 30. Data from 1996 onwards suggests that when 15%-18% of the members had their 14-day RSI below 30, the index was up 68% of the time over the subsequent 30 days.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Housing market fears rise for two most overvalued areas in USThe states at the highest risk of suffering extreme weather events have some of the most overvalued housing markets in the country.
Source: Newsweek - 🏆 468. / 52 Read more »

Singer Paul Anka's Southern California country club estate on market for $10 millionPaul Anka has listed his Thousand Oaks estate inside the exclusive Sherwood Country Club for $10 million. The home has an infinity pool and a recording studio.
Source: FoxBusiness - 🏆 458. / 53 Read more »

The IPO Market Is Open Again—at Least for the MomentArm, Instacart and Klaviyo all popped on their first day of trading, but their performance since then has been more muted.
Source: WSJ - 🏆 98. / 63 Read more »