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A few reasons why I’m cautious here as the market makes a new high
July 24, 2014
Recent distribution on the NASDAQ coupled with underperformance in Russell 2000 and Value Line Geometric suggests institutions have been taking risk off
During the past 4 weeks down volume has picked up while there's been a dearth of meaningful up volume
Only 46% of NASDAQ stocks are above their own 200-day moving average, but the NASDAQ composite is well above its own 200-day
NASDAQ advance/decline line peaked in March and is currently trading below it’s 50-day line closer to its May low than to the March high
Stocks making new highs have slowed considerably while new lows are picking up in relation
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