- Ryan Mallory
My Trading Journal for the Stock Market Today:
To say the market is trending higher, is an understatement. The stock market has been on a tear for most of this month. It is up 8 out of the last 9 trading sessions. Even more so, the market has only had two days where it finished in the red - extremely impressive. That is 11 out of 13 days so far this month.
Yes, continue riding this market higher as long as it allows. There are plenty of concerning aspects, not in the bit, is the fact that Dennis Gartman is uber-bullish on this market (as of last week) and we all know that is the kiss of death for this market. Furthermore, and more importantly is SPX is sporting a lot of bearish divergences across multiple indicators, with my favorite one being of course the T2108 Indicator provided by TC2000, which measures the % of stocks trading above their 40-day moving average. This indicator seriously lags the entire market's consistent closes at new all-time highs with only 64% trading above their 40-day MA.