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Chart of the Day: Breadth Builds Even As Large-Caps Take A Break
“The current market story: While large caps have stalled in a short-term trading range, the uptrends in mid and small caps remain intact. Viewed through the lens of S&P 1500 stocks above their 200-day moving average, market participation continues to expand.” - Louis Spector, CMT.
S&P 500 Falls, But More Stocks Move Above Key Moving Averages
“The S&P 500 was lower again today, but similar to yesterday, the number of stocks above their 20-, 50-, and 200-day MAs all went higher.
64% above the 200-day MA is on the verge of breaking out to multi-month highs. The rotation under the surface is happening and is a healthy development.” - Ryan Detrick, CMT.
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CMT Designation Proves Mastery of Technical Analysis Concepts
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Betting On A Failed Topping Pattern
“I will take into consideration only the H&S top failure “long” signal with a breach above the high of the right shoulder.
Reason: trend filter (200-day average) still says steady uptrend. Bearish chart pattern completions above long-term averages tend to fail more often. $ACWI” - Aksel Kibar, CMT.
Airline Stocks Soar To Pre-Covid Heights
“Most distracted by MU and Hynix failing to see the degree to which Homebuilders, Biotech, HMO’s, Banks, and Airlines have begun to rip higher.
US Global JETS ETF ($JETS ) broke back out today as Airlines are one of the biggest beneficiaries of falling Crude. Despite the bifurcation within Technology, Equal-weighted SPX has now outperformed SPY for five straight weeks.” - Mark Newton, CMT.
Clinical-Stage Biotech Stocks Attempt Another Breakout
“The spiciest biotech stocks are putting in some incredibly clean breakouts.
Many of these companies are still in the clinical trial stage, developing the next generation of drugs and therapies.” - Alfonso De Pablos, CMT.
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Genomic Revolution ETF Hits 2.5-Year Relative Highs
Insurance Stock $SIGI Is The Latest Rotation Beneficiary
Clustered Breadth Signal Sends Subtle Warning Signs
“Hindenburg Omen fired again earlier this week. Clusters of signals like this are common at major market tops. Does this always work? Of course not. But I’ve learned that when the tornado siren is going off, it’s usually best to go to the basement... just in case. $SPX” - David Keller, CMT.
CMT News You Can Use
- John Kolovos, CMT, CFA breaks down the market’s momentum on the “Market Misbehavior” podcast.
- Ryan Detrick, CMT joins Kelly Evans on CNBC’s “The Exchange” to discuss the rotation out of tech and why there’s still room to run in stocks.
- Razan Hilal, CMT breaks down the current market environment on the Forex.com “Daily Market Call.”
Shared content and posted charts are intended to be used for informational and educational purposes only. CMT Association does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. CMT Association does not accept liability for any financial loss or damage our audience may incur.
