On the radar: we see generally rising prices for the S&P 500 Index (SPY; blue line above), but a recent pattern of weakening 20-day highs minus lows among NYSE, NASDAQ, and ASE stocks, as reported by the excellent Barchart site. Much of that weakness can be traced to relative weakness among small cap stocks. For example, my ever-trusty Decision Point service notes that 58% of S&P 500 large cap issues are trading above their 20-day exponential moving averages, but only 38% of S&P 600 small caps and 45% of S&P 400 midcaps. I will be watching closely early this week to see if the market bounce from recent lows can broaden. If not, I will be viewing that bounce as part of an longer-term topping process that goes back to momentum highs in September.
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2 comments:
Is it possible to see if these new lows were made on increasing volume relative to the last prior low in the new high/low reading? If we can judge if there is greater volume amongst the stocks tracked behind this new low reading relative to prior readings, wouldn't it make the study more valuable? Just an idea.
-Matt Fahmie
I see large differences in these 20 and 65 day High / Low numbers from different sources. Barchart tells us which exchange he is looking at which helps. But StockFetcher with a custom filter gives me 575 20 day highs and 754 20 day lows but barchart shows 414 and 456 respectively for their overall number. Same level of difference in the other numbers too. Is there an explanation for this?
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