The T2108 – a chart that I publish rather infrequently, has caught my attention today because the one thing that I have noticed over the years since 2009 is that the volatility is dramatically falling off in this market. The wild swings are becoming less and less. Also during that same time the volume on the SPX has dramatically decreased as well.
The chart below describes for us the percentage of stocks trading above the 40-day moving average. For those interested in catching the falling knife in a stock market, this is one of the charts that can help the most with that as I have managed to do a little bit of the knife catching in my own trading career by using this particular chart.
There really isn’t anything else worth pointing out here since the reading as it stands now really isn’t that extreme and does afford for more room to the downside if necessary. Once this reading gets below 20% that is when I really start getting interested.
Here’s the T2108 chart:
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