52 Week New Highs were good today but… $SPX [Chart]

Score: +2


52 WNHs continued to strengthen despite the Bernanke selloff.  Even better the sell-off did not trigger higher 52 week new lows. Tomorrow it will be difficult to continue the trend with the sell off and hence a lower open.   If we do make higher new highs tomorrow it really is time to get behind the bull.



Any bull market remains very fragile here as the new lows are still out numbering new highs on the Nasdaq and RUT, but it is all with follow through of lower new lows.  That trend remains bullish for now but highly fragile.



Video: How to interpret 52 Week New Highs

Follow me on twitter: @RedLionTrader

Leave a Reply