My Scoreboard
"Endurance is one of the most difficult disciplines. But it is to the one who endures that the final victory comes." -Buddha
For this week SPY closed up .50% and QQQ close up +.76%. On my closed trades for the week I did not closed any positions because I'm recouping my losses from that big down day we had that Wednesday, Dec. 18th.
WHAT I SEE:
Going into next week, the charts below of the 'Stocks Above 5-Day Average' are now pointing up. IWM now has 45% of its stocks their above the 5-SMA. I am hopeful we can see a little bit more of upside (dead cat bounce?).
Stepping back to see the bigger picture on the S&P500 stocks below, I see we got down to oversold levels (1). The last time we were this low we gotten bounces (2 & 3). What has be a bit worried is only 22% of stocks (4) are over the 50-day SMA, meaning that we are losing institutional support. The last time this happen we had a double-dip move (5). On the long trend view, we are still over the 200MA, but we slowly eroding and if we dip below the 50% (4), then we could be entering into winter season.
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