T2108 and Market Thoughts
While the market is pulling back today, I’m actually hoping it can finish lower, because God knows we need this market to take a breather here. While I continue to be bullish on this market, I also know that it can’t go straight up forever, and when we got the 0.5% rally yesterday with the bare minimum of stocks participating in the rally itself, I knew then and there, we needed to see stocks have at least a day or two to regain its composure and make a renewed push higher – perhaps even for 1700.
Check out the T2108 below where it measures the % of stocks trading above their 40 day moving average. Less and less stocks are doing so, despite the market trading at new highs. The effects of this phenomenon might not play itself out in the short-term but in the long-term, I don’t think this is a good thing to say the least.
Here’s the T2108 chart.
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