With the S&P 500 and the Dow Jones Industrial Boilerplate hitting new all time highs this anniversary — at the accessible of trading on Friday — it’s odd to acquisition 2 key abstruse assay “strength” indicators lagging. Right now, it’s what some analysts ability alarm a “non-confirmation.”
The aboriginal indicator is the allotment of stocks trading aloft their 200-day affective average. To affirm the “all time high” vibe, you would appetite to see a greater allotment than the aftermost time an all time aerial showed up. If the admeasurement has dropped, it’s a concern.
The additional ambiguous indicator for the bazaar is the “bullish percent” figure — application archetypal point-and-figure charting techniques, it provides the allotment of stocks on a “buy” signal. It’s odd that the accepted akin is beneath area it was aftermost time stocks hit college highs. (Here’s the Stockcharts.com account of the bullish percent index.)
So, that’s what’s developed here: A new all time amount aerial on beneath basal strength. Here’s the account blueprint of the S&P 500 assuming the new peak:
That “relative backbone indicator” aloft
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