This index here is a great example. You can see how the market has proven that there is more supply than demand for stocks at these levels above current prices.
While the longer-term trend remains up for the NYSE composite, from any short-term to intermediate-term, prices are still in a range, at best:
Meanwhile, underneath the surface, the healthiest markets tend to see more than 60% of stocks above their 200 day moving average.
There's nothing magical about the 200 day, but I look at it as a cheat code to define whether a stock is in an uptrend or not, particularly when we're aggregating the data from a lot of stocks at the same time.
The % of stocks above their 200 day bottomed out a couple of weeks ago, but there's little evidence that those lows were it for this cycle.
Getting back above 60% here is an essential piece to a resumption of this uptrend in the Stock Market.
Finally, Bitcoin has been a great example of stuck below overhead supply.
As soon as BTC fell below 90,000, resistance has been the theme.
Longer-term, BTC remains above 70,000 which represents those former cycle higher. But shorter-term, BTC is below 90,000 which represents short-term to intermediate-term resistance.
Here's a closer look at Bitcoin trying to find support at the 61.8% retracement of the entire bounce this month:
Tomorrow is the first day of April and the first day of Q2.
We'll all be getting together in an exclusive LIVE Conference Call for Premium Members of ASC Research. Click here to get access.
There is so much working this year. It's just not American Tech. It's practically everything else.
Gold is making new all-time highs. Copper is hitting new all-time highs. Energy stocks (XLE) are up 8.7% this year and leading all U.S. sectors for 2025.
I sat down with Jason Perz last week to talk about exactly this. If you missed it, make sure to Watch the FREE replay here.
The market’s shifting fast. If you’re stuck in the wrong names, it’s time to fix that.
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