Macro perspective on SPX
First pane is SPX, no explanation needed here.
Second pane is ICE BofA US High Yield Index Effective Yield (Performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market). Usually when it hits numbers above 9+ market is oversold and 10-week breadth/momentum indicator is awful. Now, that is not the case.
Third pane is 10-week MA of MMTH Index (Percent of Stocks Above 200-Day Average). I use it as long-term momentum indicator.
We might be just getting started our freefalling according to this. It's not so useful for timing purposes, but it lets you know where we are in a cycle. Apply other technical tools to take advantage of this data.
Feel free to share your opinions and strategies.
Second pane is ICE BofA US High Yield Index Effective Yield (Performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market). Usually when it hits numbers above 9+ market is oversold and 10-week breadth/momentum indicator is awful. Now, that is not the case.
Third pane is 10-week MA of MMTH Index (Percent of Stocks Above 200-Day Average). I use it as long-term momentum indicator.
We might be just getting started our freefalling according to this. It's not so useful for timing purposes, but it lets you know where we are in a cycle. Apply other technical tools to take advantage of this data.
Feel free to share your opinions and strategies.