Excellent work on sentiment indicators over at Chart Pattern Trader over the weekend. Near the close on Friday I bought positions in many contras and I’m looking for the markets to begin a corrective phase here. Here is one of my charts that show the percentage of stocks on the Nasdaq above their 50 day moving average. You can see that it’s peaked and has now fallen below the value of 80. In the past this has been a good indication that a short term top has been put in.
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