I am in total shock. I just downloaded all of today's information into my computer. As I have mentioned previously, I keep a bullish % index for about 820 of the highest volume stocks. You would think after a day like today you would see an increase in the number of stocks with bullish formations. Well it just didn't happen. We are at 23.97%. Yesterday was at 23.97. Not one change. I cannot believe a 400 pt move in the dow, 47 in the s&p, and 86 point move in the nas did not increase the bullish %. This tells me the rally was not broad based and unless we see some nice follow through in the coming days this baby is going back down.
The technical "inputs"and parameters of your model obviously do not take into consideration huge oversold rallies out of new lows. How could you expect to see bullish "formations" from a market that has been hard DOWN and into new low territory?
True, but it doesn't take much to create a bullish formation on a P&F chart. A stock can be in a severe downtrend, but if the last high is higher than the previous x column the chart will be considered bullish. Don't get me wrong, anytime the bullish % chart is under 30% it is a bullish sign overall for the market. Since 1999 we have had only 7 occasions where the bullish percent was under 25%, and only two occasions when it went below 20 percent. BTW, it hit the lowest point in 8 years on January 22 at 16%. I guess I just expected a little more positive results after a day like this.
Nasdaq still in the hole and as a techie trader nothing is looking good http://stockcharts.com/charts/gallery.html?$NAAD
Hi, I keep several bullish % indexes too. Just wondering, what company or website do you use to create your bullish% indexes. I use stockcharts.com Thanks, Maverick