Market Recap for Thursday, September 21, 2023


SwingTradeBot 3 months ago

What are your thoughts on 'today's (2023-09-21) market action?

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TraderMike 3 months ago

It's obviously ugly out there for the bulls.  The thing that stands out to me tonight is the "% of Stocks Above Their 50-Day Moving Averages" chart.  It's diving toward its 52-week low of just under 22.   The only good thing (for the bulls) about that is we're approaching oversold on that measure.  I've seen that indicator reach single digits though, so I'm in no rush to go shopping (for stocks) just yet.

#2 on my list of standouts on this page is how many "Expansion Breakdowns" there were today -- 322% above normal.

So there's a ton of weakness around but it's a great time build a watchlist with some leading stocks that are being dragged down with the broader market (for example, see the Strong but Oversold scan). 

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