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Stocks opened higher on Tuesday, then proceeded to giveback the gains and trade in negative territory for most of the day before a last hour rally took some indices back into the green, including the S&P 500 and Nasdaq. The Dow lost 33.
Once again, it is hard to trust a Monday morning gap opening. While we saw a respectable 78-point gain in the Dow at the close, we saw a triple digit gain during early trading, and many of the major indices gave back most, if not all, of their early gains.
I have been watching the navy blue trendline for weeks. You can see it on the SPX chart below, coming up from the June 4, 1266.74 intraday low and touching the 1329.24 intraday low on day thirty-six, and again on day thrity-seven. This trendline is climbing at the rate of about 1.8 points/day and was crossing 1420 on Friday, September 28. The 50 ema is roughly in the same area at the moment. I was actually expecting a retest of price to this line in early September, when price fell below the
Stocks slipped on Friday as the Dow gave up 49-points on the day. The indices closed close to the middle of their daily trading range as the Dow had been down triple digits during early trading, and managed to make it above the breakeven mark at one point during afternoon trading.
Last week, the Top 50 got more bearish, dropping their collective stock exposure by 16.4%. The market declined week over week by 1.83% for the S fund and 1.3% for the C fund. So the bearish shift for the Top 50 was a winner. That's 3 out of the last 4 weeks they've been correct. Unfortunately, they have not been nearly so accurate over the course of the current year.
This week, the Top 50 has increased their collective stock exposure by a healthy 19.2%. The Total Tracker also shows