The T2108 hit a level not seen since a minor top in early July. It says that 81% of NYSE stocks closed above their average price over the past 40 days. While T2108 has been as high as 90% at some tops, it has not been higher than the high 80’s during the past two years. So, we should be looking for any signs of weakness or a top. 57% of the Dow 30 stocks have an overbought stochastics, the most since last June.
Month: September 2012
32nd day of QQQ short term up-trend
There were 312 new 52 week highs in the universe of stocks I follow. AAPL held on Wednesday. Now on to the FED.
Market getting overbought???
With the T2108 at 78% I am getting a little worried about a near term top. 50% of the Dow 30 stocks have an overbought stochastic. Similarly, so do the indexes, DIA and SPY, but not the QQQ. Techs are relatively weak. Are the techs signalling a coming decline in the other stocks? September and October are typically weak months for the market. I am very cautious for now. The GMI2 is now down to 4.