Bad is Bullish

By | August 26, 2015

After the close yesterday only 4.5% of the stocks in S&P 500 index where above their 50 day moving average, the lowest level since 2011. This oversold indication suggests a tradeable short-term bounce, but what would be even better would be a period of consolidation and base building, like the one that followed the low reading in 2011.

88826.50SPXchart

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