In yesterday’s note we talked about how the Dow Jones Industrial Average went up in price for the 2nd consecutive week. This isn’t something we’ve seen happen too often in 2022.
But what else happened this week?
Well, we got fewer stocks making new 52-week lows on the NYSE. The peak in new lows was back in June, which was 4 months ago.
You can see it in shorter-time horizons as well. Look at the S&P500 new 63 day low list continuing to deteriorate (63 days = 3 months = 1 quarter): [Read more…]