UPDATED: Take a careful look at today's S&P 500 chart ...
Today's updated chart shows the percentage of S&P 500 stocks with
a 20 day RSI at a positive or negative level. (Remember that, on a standard
RSI indicator, it is really Neutral when the RSI is at a level of 50. Above
50 would be a positive and below 50 would be a negative.)
Here is the important thing right now ... This 20 day RSI percentage
is now moving up which is a short term positive, but the down trending (lower/highs
and lower/lows) that has occurred since November 21st. must be broken or
the market will be facing high downside risks.
About the chart: The numbers at the bottom run from 1 to 211. Each number
represents one trading day, so the current tick is at day 200 and it represents
the most recent trading day which was yesterday. The percentage numbers on
the left hand column are the RSI readings below 50% would be a negative level
and above 50% would be a positive level.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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