Good morning,
One of my favorite market sayings is:
There is time to go long, time to go short, and time to go fishing
-Jesse Livermore
We’ve spent most of the past two months talking in these pages about the increasingly divided market. The “haves” vs. the “have nots”, the well-publicized breadth problems, the top tech names vs. the “average” stock, etc.
But if we take a step back, it becomes clear that what “the market” is doing is a lot of nothing.
Perhaps no stat better embodies that than SPX breadth above the short and intermediate-term moving averages:
50% of stocks are above their 1-month moving average
47% are above their 50-DMA
Hard to get more split than that.
Watch with a 7-day free trial
Subscribe to Brown Technical Insights to watch this video and get 7 days of free access to the full post archives.
