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T2108 Update – A 5-Day Backup Under All-Time Highs For The S&P 500

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. It helps to identify extremes in market sentiment that are likely to reverse. To learn more about it, see my T2108 Resource Page. You can

on twitter using the #T2108 hashtag. T2108-related trades and other trades are occasionally posted on twitter using . T2107 measures the percentage of stocks trading above their respective 200DMAs)

T2108 Status: 57.5%
T2107 Status: 61.4%
VIX Status: 13.7
General (Short-term) Trading Call: bullish
Active T2108 periods: Day #187 over 20%, Day #7 over 30%, Day #6 over 40%, Day #4 over 50% (overperiod), Day #51 under 60%, Day #77 under 70%

Commentary
Financial markets took another (mixed) breather on Wednesday. The S&P 500 (SPY) closed fractionally down. Wednesday November 16th marked the fifth tradind day that the S&P 500 has struggled just under its all-time high. The Nasdaq (QQQ) gained 0.6%; the tech-laden index is creeping ever closer to its all-time high.

The S&P 500 (SPY) took a small breather just below resistance and all-time highs.
The NASDAQ (QQQ) managed a second post-election high in a row. The post-election pressure on and rotation from tech is certainly easing.

Financials settled down for a second straight day. I am nearly jumping out my seat at the chance to load up on a dip in Financial Select Sector SPDR ETF (XLF).

Financial Select Sector SPDR ETF (XLF) cools down a bit as two days of high-volume selling fail to reverse the last day of buying.

T2108, the percentage of stocks trading above their respective 40-day moving averages (DMAs), took its own rest and closed...


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