All 3 major indexes now traded beyond its 1-month low as market was dragged mainly by relative weakness in growth stocks.
$MMTW reading at 2-month low is welcoming as momentum leaders have been extended without setting up from a meaningful consolidation.
As continual sell off could remain, it is a perfect period to identify stocks that begin their bases.
Thanks for reading.
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$VIX pivoting from <21 low has been a strong sell signal for $SPY in 2022 so far.
we are now pivoting from the said level for the 7th time (2022) since 5th December. each down cycle last an average of 27.2 days before an upcycle (lower low rallies) takes place.
not a good sign pic.twitter.com/4hRaHyADTY
— Jeff Sun, CFTe (@jeffsuntrading) December 11, 2022
