Jason Goepfert

9-24-2020 at 5:32 pm

Daily Report : Most financials lose their medium-term uptrends; Russell 2000 is the first to lose its long-term trend

For the first time since May, fewer than 15% of financials managed to hold above their 50-day moving averages. This comes during a poor market environment for the sector, with fewer than 50% of them above their 200-day averages. This has led to much worse returns than when more than 50% were above their long-term trends.; The Russell 2000 became the first of the 'big four' indexes to close below its 200-day average after all 4 had been rallying. It also ended a medium-term rally within a much larger downtrend for the index. Similar behavior in the past led to short-term declines, but not much beyond that.

Sorry, this content is restricted to SentimenTrader members.

To read this post, please login to your account, sign up for our trading solutions or buy this article for $6.99 right now.

Login →