by zentrader
The chart below is of the percentage of stocks on the Nasdaq that are above their 50dma and you can see the stair-step pattern should see this chart hitting new lows sometime in September, as each new low is about 3 months apart. This is not a given, nor is my prediction based on any sort of technical pattern, but logic would dictate that is where we are going based on historical precedence as lower highs and lower lows are a very clear trend.
I posted this chart earlier this week when it was stuck in a channel and felt like whichever way we break is the next major market move. So far so good and despite being down for the last 6 days on the Dow, I don’t get a sense that we’re at the bottom.
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