Below are a few breadth charts that I’m keeping a close eye on that can potentially be actionable in the short term if price confirms it. The first step would be a lower low in the $SPY on the 30-minute chart ($203.98).
Here you have the Russell 2000 vs. the 5-day moving average of the net number of 1-month highs minus 1-month lows.
Russell 2000 vs., stocks above their 20-day moving average.
SP-500 vs. the average SP-500 stock above their 3,5, and 10-day moving average.
The above charts all show a small slow down in the participation of individual names versus the SP-500 and Russell 2000. This is not actionable on a stand-alone basis if price does not confirm it. The first thing to look for is a lower low in the SPY followed by a lower high.
My opinion and outlook are subject to change as new information comes in.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this blog constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog. The stocks presented are not to be considered a recommendation to buy any stock. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.