MMTW
Penguin: "BTFD ?!?" - % of stocks above their DMA.The daily chart is showing market sentiment from a breadth perspective: the percentage of stocks on the NYSE (2943 stocks) that are above their daily moving averages.
The trend is increasingly bullish but that increase has peaked in recent days.
[bDetail:
MMTH - RED - Percentage of stocks above their 200 DMA
MMOF - Percentage of stocks above their 150 DMA
MMOH - Percentage of stocks above their 100 DMA
MMFI - GREEN - Percentage of stocks above their 50 DMA
Average of all 4 - WHITE line
EMA10 of the white line - ORANGE line
All 4 indicators and their mean are above the midline with positive momentum .
That momentum has peaked in recent days and is no longer accelerating.
MMTW % of Stocks Above 20-Day MA & SPY Trend Analysis 12-4-2018
Major overhead resistance on the daily SPY...
schrts.co
The real nature of the larger pullback is revealed on this weekly SPY chart... this is very bullish.
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Prediction: Near-term pullback with larger time-frame indicators suggesting a break to the upside, despite that major resistance is overhead.
