Today we have the following:
- 28 Swing Signals -- 3 BUY signals and 25 SELL Signals.
- 218 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 43 stocks that are new additions to the list and 178 that fell off the previous list.
- 62 Trend Busters of which 26 are BUY signals and 36 are SELL signals.
- 318 Gap Signals -- stocks with upside or downside gaps or gaps that have been closed.
Not much to say but stocks took a real tumble today. Our Tuesday signals, which suggested there was a slowing in the negative momentum, turns out to have been a head fake.
Once again we have lots of inverse leveraged ETFs generating BUY signals. We have a Trend Leaders list with the fewest number of stocks on it that we have seen in a long time. SELL signals again outnumber BUY signals on the Swing Signals list.
Since I am feeling under the weather, I will not try to provide an extensive analysis. My parting thoughts are that things are now swinging short-term oversold and we are just about at the support levels I described in my post from last Thursday. Here is an updated chart of the S&P 500 showing those same Fibonacci retracement lines.
As can be seen we are now at a 50% retracement. Given the strength of this downturn (pretty good volume was registered today), we could see some further declines, perhaps down to the 1015 level. A break through that level would be bad news. This is a good time to make sure your stops are all in order.