@RedDogT3 $SPY is covering up a bear market right now. Just look at the majority of stocks in the S&P 500. A high % oversold and below key moving averages. It's too simple to look at the popular indices and judge based on those.
$UPST β are we seeing a bounce off the 200MA and previous resistance level here? Dramatically oversold on the daily and over 50% down from highs. Parking cash here and not worried about short term hiccups. Long, long term....
$SPY is just 5% below ATHs, but:
- 20.40% of the components have RSI < 30
- 92.40% of the components are below their 20MA
- 71.80% of the components are below their 50MA
- 48.20% of the components are below their 200MA
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Respecting my stops... closed positions in $DIS, $PYPL, $DKNG & $TLRY. Holding cash until things look a little brighter - this market is the worst for swinging.
@RevShark's market analysis is spot on. Provides an honest account of market conditions and looks beyond the indices. No stock pumping, just provides genuine thoughts and opinions.
The indices are NOT the market. 60% of stock are below their 200 day simple moving average 34 new 12-month highs vs 562 new 12-month lows on Friday . If it wasn't for a few big caps, everyone would be talking about he bear market.