Today’s Chart of the Day was a unanimous decision internally.
How can it not be this one???
Every single week in 2022 we’ve seen more stocks hitting new lows than stocks hitting new highs.
In bull markets we see the exact opposite of that.
Well, this week the bulls finally got it done. For the first time all year we saw more stocks hitting new highs than new lows.
It wasn’t by much. But they pulled it off.
Now keep in mind, breadth has already been improving in shorter timeframes.
A couple weeks ago we saw 55% of S&P500 stocks hit new 20 day highs. This week we got the most amount of 63 day highs since Spring 2021. And the average stock in the Nasdaq is already up over 40%.
These are all improvements in market breadth.
Today’s news about more new 52-week highs than 52-week lows is just another one to add to the list.
That was a heck of a streak that ended after 37 consecutive weeks of more new lows than new highs.
This bear market started a long time ago. Deterioration first began in February 2021. It’s now August 2022 – 18 months later.
Have we seen enough?
The breadth improvements are certainly pointing to that.
And it shows. Our Trade Alerts are popping off more than ever.
The launch of our new app has been a huge success thanks to the best readers in the world, just like you.
They’re already putting Rangefinder to work on a daily basis – filtering through the best ideas, calculating position sizes, setting alerts, and so much more.
Now, it’s your turn.
But you have to hurry…
Or, give us a call at 323-421-7991 to talk about it.