Above The 40 – An S&P 500 Breakdown Helps Drag Market To Edge Of Oversold

AT40 = 25.4% of stocks are trading above their respective 40-day moving averages (DMAs)
AT200 = 43.9% of stocks are trading above their respective 200DMAs
VIX = 19.9%
Short-term Trading Call: neutral (caveats below!)
Commentary

 

 

 

While January's price change was historically very strong, February's pullback following a strong January is quite normal on a longer-term basis.

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