Market Recap for Wednesday, September 6, 2023

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SwingTradeBot 11 months ago

What are your thoughts on 'today's (2023-09-06) market action?

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TraderMike 11 months ago

Last week is looking like a head-fake for the bulls.  All the major indices climbed above their 50 DMAs but after today QQQ is the sole survivor.  Breadth is poor, as measured by the "% of Stocks Above Their 50-Day Moving Averages".  That indicator is also interesting because it's near its August low while the indices are well above their August lows.  I'm not sure what to make of that but I do know that, IMHO, to have a healthy rally that indicator need to be making higher highs and higher lows.  At best it's going sideways now & on the verge of making a lower low.  

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