Bullish Percents sing from the same hymn sheet
Yesterday's losses weren't enough to prevent a bullish cross of the 5-day EMA for the Nasdaq Bullish Percents. This follows earlier crosses for the S&P and Dow bullish percents.
What is clear from these charts are the bullish divergences between January and current lows for the bullish percents with respect to the parent indices. Basically, more stocks are on point-n-figure buy signals now than back in January, even with the indices making new lower closing lows.
What is important going forward will be the need to break declining (closing) resistance initiated in January for the Dow, S&P and Nasdaq. The Nasdaq looks best placed to challenge, although the Dow is closest to the major moving averages (20-day and 50-day MAs). Thursday probably won't reveal too much going into the long weekend, but next week should be interesting.
What is clear from these charts are the bullish divergences between January and current lows for the bullish percents with respect to the parent indices. Basically, more stocks are on point-n-figure buy signals now than back in January, even with the indices making new lower closing lows.
What is important going forward will be the need to break declining (closing) resistance initiated in January for the Dow, S&P and Nasdaq. The Nasdaq looks best placed to challenge, although the Dow is closest to the major moving averages (20-day and 50-day MAs). Thursday probably won't reveal too much going into the long weekend, but next week should be interesting.
