Back on February 8th I wrote about the negative divergence I noticed in one of my favorite indicators - the percent of stocks above their 50-day moving averages. If the market is having a healthy advance you should see a lot of stocks participating. That inidcator should be making higher highs along with the indices. The divergence in that indicator is a sign of a rally on poor breadth.
That divergence has been nagging at me since January but I've felt like I had to be a bull given the indices' stubborn advance. Well today it felt like the music stopped in a game of Musical Chairs and people were scrambling to sell. I thought last week's Fed decision to raise interest rates might have been the catalyst for a selloff but that didn't happen (and perhaps that was too obvious). Thankfully my nervousness had me keeping tight stops and I shorted some QQQ ahead of the Fed meeting. I was actually thinking about covering that short after this morning's gap up -- good thing I didn't!
I thought I'd follow up on that previous blog post by showing again how one can get a read on the market's health via some of the site's features. As I've mentioned, it's crucial to get a feel for the broad market's health & direction. I'm often asked which scan/signal is the best one -- but there's no one anser to that. Different things will work in different phases of the market. (I wrote a bit more on that topic in the FAQ) So I've put things on the site to help me do just that.Read More ➞
I'm releasing another new scan / signal today. This one finds stocks forming the handle portion of a cup-with-handle pattern. If you're not familiar with the cup & handle, here's a quick overview:Read More ➞
I'm looking forward to watching some of the presentations over at Chart Summit, a virtual conference of technical analysis. I've been a fan of Brian Shannon's for over a decade and I met Chris Kimble at Stocktoberfest a couple of years ago after watching his impressive talk. So I already know their talks will be great. Judging by some of the talk titles, those videos should be helpful to folks new to technical analysis in figuring out ways to use SwingTradeBot's scans & signals.
Here's the email I got announcing the availability of the Chart Summit videos:Read More ➞
By popular demand, I'm releasing three new scans today They are:Read More ➞
I've been noticing this while reviewing the Genreal Market Overview page for several days now and wanted to highlight it. I've written several times about how I use the "Percent of Stocks Above their 50-Day Moving Averages" (similar to Worden's T2108 indicator) as an overbought / oversold indicator. And I like it much better to signal oversold than overbought.Read More ➞
The other day I was flipping through charts on the top percentage gainers scan and noticed the run EVR has had over the last three months. It's pretty much been straight up (more than 40%) since late October.
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Here's another new scan: Percentage Change Between Two Dates
You can choose whether you want to see the best or worst performers over the previous 5, 10, 30, 90 or 365 days.
Here are two new scans I released the other day:
These should be useful to combine with other scans when using the Combination Scan.Read More ➞
I was just asked this:
Would like to reduce the time for scan runs…..I have 4 different Combo scans which would be great to store and run daily. Is there a simple way save the scans and run without manual input?
Here's the answer:Read More ➞