Gap Up While Bears Scatter And New Highs Jump
For those who don’t follow the premium Twitter account, which you have access to if you’re receiving this message, following are some of the studies and indicators that were posted today. If you’d like to follow the Twitter account, please request to follow @SenTrader_Prem on Twitter then send an email to admin at sentimentrader dot com to let us know your Twitter account name.
Frankly, I'm struggling with what content to post where. The Twitter feed is great for its immediacy, but some don't use it. These Notes are great for the ability to send them via email, but I'm hyper-sensitive about sending too many emails during the day which might clog up your already busy inbox.
We're working on the functionality to allow you to select which messages you'd like to receive via email...for example, only receiving ones that are tagged "short-term", or if you're a longer-term investors, to choose to NOT receive those.
These are posts from earlier today.
This has been a screwy market for price patterns, but here are the other times the futures gapped up following a rejection from a 52-week high.
The follows two studies from yesterday, that looked at big gaps up from what had already been a 52-week high:
Investor's Intelligence bears are now at the lowest since '87. The average one-year forward return in the S&P 500 was -2.0% with 27% of the the 51 weeks showing a positive return.
There was an incredible jump in new highs across the board yesterday, with almost all of the sectors and indexes we follow showing more than 25% of their component stocks at a 52-week high.
That's among the largest confluences since 1990. There were only three other time periods that saw this many new highs across so many sectors and indexes.