Market Internals Don’t Appear to Portend Material Price Deterioration
Below you’ll find a chart of the NYSE adv/dec ratio on a 10 day MA basis with the SPX below it. Since the mid 2000s note that larger corrections (i.e., >8%) have been almost universally preceded by deteriorating, downward-sloping trend…...
More Evidence of Long-Term Deterioration in SPX Technicals
We recently had a post showing the long-term divergence in SPX price and momentum (RSI) with the former continuing to rise and the latter deteriorating. The same post showed that more often than not, such large and sustained divergences b/t price…...
Major Long-Term SPX Price & Momentum Deviations
Just plotting the SPX w/ its RSI on a weekly basis in the chart below. A couple of things to note: Price and momentum, via the RSI, have deviated materially since early/mid 2013 until now with price continuing higher as…...
Obscure Measure of Market Internals Pointing to a “Bull Treat”?
I’d like to think nobody has ever considered using the RSI of the ratio of XLP vs. SPX to gauge market internals and overall macro risk before. As far as I know, I’ve never seen anybody use or write about…...
Additional Color on Market Internals
Yesterday we took a look at the ratio of NYSE advancing vs. total issues. We suggested that ratio was getting oversold and potentially pointed to at least a near-term bounce in equities. Today we add some more color on market…...
Market Oversold or More Downside to Come?
In the chart below the ratio of NYSE Advancing vs. Total Issues is plotted in the lower pane. The current print is highlighted in yellow. Note that since 2006 this level of depressed advancing issues vs. total issues has tended…...
Getting Granular – Equities Currently Testing the Veracity of Their Recent Up-trend
By veracity we mean truth. The chart below highlights the SPY on a 60 minute basis over the past year. Note the level of the RSI at (1). With this week’s selling it sits at a level that is typically…
Getting Granular: Negative Divergences b/t Price and Momentum in the SPY
Never want to focus too much on posts like this or make them too frequent as it’s often overly myopic to do so, but thought it’d be worthwhile sharing. In the chart below in region (A) the SPY has recently…
Getting Granular – RSI on SPY 60 Min Chart Once Again Elevated
The RSI on the SPY 60 min chart is once again reaching quite elevated levels. Over the past year, even as the market was working on or within a sustained up-trend, it has paid to wait for better entry prices…...
Getting Granular – RSI on SPY 60 Min Chart Reaching Extreme Levels Seen Only 4x in Past Year
The RSI on the 60 min SPY chart has only been this elevated, whether it be euphoria or something else, 4x over the past year. Once was in early July 2011 when Greece managed to secure a release of bailout…...