The Fear and Greed Index Continues in Fear Zone, Why?
Two components are in EXTREME FEAR
ℹ️STOCK PRICE STRENGTH:
Net new 52-week highs and lows on the NYSE
ℹ️STOCK PRICE BREADTH
McClellan Volume Summation Index (Chart Below)
This is the volume of shares listed in the NYSE that are rising compared to the number of shares that are falling.
See in Yellow how this summation index was moving up at the end of 2023, when many breadth experts mentioned that breadth was not good. Well, it was pretty good moving up, today it is showing constant decline.
Divergences of oscillators and price moves are a condition, the trigger is set by price action, next week will show if the potential tops in formation are confirmed. Weekly charts posted suggest so.
$NASDAQ 100(NDX)$ $S&P 500(.SPX)$ $E-mini S&P 500 - main 2409(ESmain)$ $E-mini Nasdaq 100 - main 2409(NQmain)$
Image
https://x.com/SmartReversals/status/1804939243631923538
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