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NASDAQ100 Index Bull% Index: Optimism Falling ?
August 18 ( From Stockcharts )
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This Indicator reached only 28% on October 16 2014, the lowest spot level of the past
two years and far away from the last record level on December 31 2013 at 86.0% when
SP500 was at 1848.
The main technical indicators like the moving average of the Bullish Percentage Index
of the NASDAQ100 Index are showing some sign of weakness since August 12...
This ratio turned on a bearish trend since August 12 and now stand
(51.57% for the 7 DMA - Day Moving Average).
But getting under the 60% on that Indicator have been in the past a first warning sign of oversold conditions building up. ( See first chart below - ellipses ) Not a Lot of Optimism was into the Markets Since May 14 2015...
That Indicator is in bearish mode since August 12 and far from the 200 DMA ( Day Moving Average ) levels as you can observe on the chart below. ( See first chart below - Red Line )
But the most interesting factor is that the Lower Highs in the Bullish Percentage Index
of the NASDAQ100 Index since March 2015 and the toppish SP500 Index within a rising wedge. ( See second chart below - ellipses )
NASDAQ100 Index Bull% Index: Optimism Falling ? $SPY, $SPX, $ES_F #Trading #Nasdaq #SP500
SP500 Index Bullish % Index ( Top Panel - Dots )
7 DMA ( Blue Line )
200 DMA ( Red Line )
SP500 Index ( Bottom Panel )
50 DMA ( Blue Line )