Do you remember our postings on July 29th, and August 3rd.?
The title was "Is it time to be Concerned?"
Based on our analysis of the NYSE New Highs, the answer was yes.
Last week's comments: For starters, we had made these comments about important
levels to watch:
A minimum of 100 is a very important level in a rally.
150 is a stronger level that you want to see.
Below 50 ... start to be concerned.
Below 25 is very unhealthy and a dangerous market condition.
If you have been following the level of New Highs, you know that they are
very low now and understandably so. Yesterday's level of 3 New Highs was a "very
unhealthy and dangerous market condition".
*** Since last week, the market has reached some very oversold levels with
an increase in Institutional buying which could support a "short covering" rally
in the short term.
However, Institutional Investors are still in Net Distribution, so investors
should continue to heed the comments of the past two weeks: "be concerned until
the market shows you better proof about safety levels."
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Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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