The Line Bulls Can't Afford to Lose π The Chart Report
Chart of the Day
π Today's Chart of the Day was shared by CyclesFan.
For the past decade, the 40-week moving average has been the dividing line between opportunity and trouble for the Nasdaq 100.
After multi-week declines, each successful retest has went on to produce a new all-time high.
Conversely, when QQQ closes below the 40-week, it has led to more meaningful corrections and drawdowns of at least 18%.
The Takeaway: The Nasdaq 100 is holding its 40-week moving average, but a break below would open the door to significantly more downside.
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For the S&P 500, readings below 8% in the percentage of stocks above their 20 day moving average have coincided with pauses or major lows.
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Over the past 75 years, the average intra-year drawdown for the S&P 500 has been about 14%.
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Over the past 20 years, every time credit spreads made 9-month highs while the S&P remained within 5% of its high, a bear market followed.
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