ChartProfit Chart Book – week ending 11th June 2021

ChartProfit Chart Book – week ending 1st November 2019

ChartProfit Chart Book – week ending 25th October 2019

Two important charts to monitor right now. Nasdaq and Nyse charts. WD Gann called the 50% retracement “natural resistance”. Always watch these 1/2 ranges after a leg down. Price printing time above these levels would put the charts in a stronger position.  

Bulls% was lower at 33.3%, the lowest since May 2016 (during/after the market sell-off earlier this year, Bulls% only got as low as 42.2%). Bear%, was higher at 20.6%. The nett (Bulls minus Bears) is at 17.7; the lowest since November 2016.

The NAAIM Exposure Index has fallen to 30.55, the lowest since the market low in February 2016.

Lipper US fund flows

The S&P500 SPY Inverse ETFs saw unusually high volume last week. Since 2009 spikes in short volume like this have been close to a low. Has the “tone” of the market changed or will this contrarian indicator prove itself again?