*[High Importance]
Wednesday, 23 October 2024
Time Published: 20h37 (South African Time) / U.S Trading Session
Tonight's across-the-board weakness confirms the breadth data I've highlighted over the past two days. Knowing what's happening under the surface is of critical importance in assessing reward-to-risk.
*[High Importance]
Wednesday, 23 October 2024
Time Published: 12h54
As of last night's close in the U.S:
New highs contracting
New lows expanding
Refer to the previous note to where I reference underlying weakness
Previous Post: Weakness Underneath The Surface? An Eye-Catching Data Point
Tuesday 22 October, 10h39
There's been a significant ultra short term shift in breadth which has caught my attention.
Yesterday, the number of S&P 500 shares above their 5-day moving average dropped to 33%, a sharp drop from Friday's close which was above 60%.
This could be a precursor to short term weakness underneath the surface.
Lester Davids
Analyst: Unum Capital
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