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Very Bullish and Very Overbought?
By: Marty Chenard | Tuesday, January 22, 2013
Very bullish and very overbought is one way to describe the market based on
this stock count on the S&P 500.
This chart is derived from doing a count every night on the number of Strong
Stocks and Weak Stocks on the S&P 500. Since it is based only on Strength
levels, it measures the S&P 500's unweighted stock action. (We post this
chart every day on the Standard site (Section 4, Chart 1).
On Friday, the closing count was: 443 positive stocks, and only 57 negative
stocks. Pretty bullish isn't it? At the same time, note the peak move on January
4th. when the count of positive Strength stocks went to a high of 454 out of
500 S&P stocks ... that was 90.8% of the S&P 500.
Such a high count is typically very bullish or in overbought territory, so
be careful as risk levels are elevated at these kind of numbers.
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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