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Below is a chart of the percentage of stocks above their own 200-day moving averages (symbol $SPX200MA). Unsurprisingly, this thing is cratering, and what’s fascinating to me as a lifelong chartist is how, even though this is a derived number and a non-tradeable instrument, the chart still obeys classic charting dynamics.
The changing sands of time………..
I wanted to show some examples of the kind of gaps-based trades that are all around us as prospective bearish positions.
The ONLY strength we’ve seen so far today was at the Fibonacci. As of this writing, the low on the /ES was 5146.75. And the Fib level? 5148.66. What sorcery is this?!?!?!
