Stock Market Technical Indicators & Analysis
Dr. Wish A few days ago I told you when VRNS had a GLB (green line break-out) to an ATH (all-time high). This daily chart shows that VRNS has held nicely since then.
Last week, NIO had a GLB on its highest weekly trading volume ever. Check out this weekly chart. Will it continue rising like a rocket?
The GMI remains at 6 (of 6).
While I typically only use T2108 below 10% (% of NYSE stocks above 40 day average) as an indicator of bear market bottoms, I have recently noticed how well it can show developing weakness. As occurred in the huge decline last March, T2108 appears to be entering a daily BWR pattern. The weakness in the Dow 30 and large cap industrial and financial stocks may be spreading. Note Thursday’s decline (dotted line) to a recovery low. I remain very cautious, holding GLD and a few inverse ETFs (FAZ, SDOW).
The number of US banks that are in Weinstein Stage IV declines scares me. This reminds me of 2007 before the financial debacle. What do sinking banks imply for the health of the economy? How long can the rest of the market ignore this? Look at these weekly charts. Maybe this is why gold (GLD) is rising?
