I was surprised not to see a stronger technical response for the Percentage of Stocks above the 50-day MA. Given we are near the highs of June the indicator shows 30% fewer stocks trading above this key moving average than back at the start of May when it peaked. This is a bad omen and a potential low risk short using June highs as a stop.
Buyer beware...(again)
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.