On the weekly scale, lucky #13 lost -1.53% and although it wasn't the lowest low, it was the lowest close since 3-Sep-2024.
Statistically speaking there isn't much to say, volume was at a 6-week low, but within range of it's 50-MA.
For filler, I'll cherry pick some stats, we've lost 1-28 weeks worth of performance, everything from this week to 28 weeks back is in the red.
Our current 9-week performance is -8.53% placing it in the bottom 5% of the percentile range of 9-week performances across 3,343 weeks.
My primary focus is usually on the 13-Week timeframe, but every now and then I'll take a peak at the longer stats. In this case we closed below Standard Deviation 3-Support of the 52-Week Linear Regression Channel. This is our 3rd close below this level over the past 4 weeks. For a frame of reference, the index has closed below Standard Deviation 3-Support 58 of 3,250 weeks, which is a 1.8% event, with Friday's close in the bottom 1.5% of the percentile range.
Surprisingly our 52-Week Range of Holdings & Weight haven't budged much.
What is interesting, the index closed at 53% of it's 52-Week High/Low range.
Tuesday's weekly high created a spike on the 3-Week Timeframe, but it wasn't enough buying power to push the 6-Wk to 26-Wk timeframes which are at 12% of their High/Low ranges.
Focusing on the 13-Week Timeframe, by count it's near even at 50-Bulls to 53-Bears (similar to last week).
By weight, Bears are outpacing 12.45% to Bulls 8.58%
Nine of the past thirteen weeks have closed down.
Flipping over to the daily, we have some causes for concern.
We've failed to recapture or test SPX 5826 (50% of the yellow box), and failed to stay above SPX 5644 (50% of the red box).
For those of you who like to watch the gap-fills, there's an unfilled gap below us at SPX 5376.98 only -3.65% below us, this would make it a -12.49% correction.
Just one last trading day for March, thanks for reading and have a great week & new month (we hope)...Jason
Statistically speaking there isn't much to say, volume was at a 6-week low, but within range of it's 50-MA.
For filler, I'll cherry pick some stats, we've lost 1-28 weeks worth of performance, everything from this week to 28 weeks back is in the red.
Our current 9-week performance is -8.53% placing it in the bottom 5% of the percentile range of 9-week performances across 3,343 weeks.
My primary focus is usually on the 13-Week timeframe, but every now and then I'll take a peak at the longer stats. In this case we closed below Standard Deviation 3-Support of the 52-Week Linear Regression Channel. This is our 3rd close below this level over the past 4 weeks. For a frame of reference, the index has closed below Standard Deviation 3-Support 58 of 3,250 weeks, which is a 1.8% event, with Friday's close in the bottom 1.5% of the percentile range.
Surprisingly our 52-Week Range of Holdings & Weight haven't budged much.
What is interesting, the index closed at 53% of it's 52-Week High/Low range.
Tuesday's weekly high created a spike on the 3-Week Timeframe, but it wasn't enough buying power to push the 6-Wk to 26-Wk timeframes which are at 12% of their High/Low ranges.
Focusing on the 13-Week Timeframe, by count it's near even at 50-Bulls to 53-Bears (similar to last week).
By weight, Bears are outpacing 12.45% to Bulls 8.58%
Nine of the past thirteen weeks have closed down.
Flipping over to the daily, we have some causes for concern.
We've failed to recapture or test SPX 5826 (50% of the yellow box), and failed to stay above SPX 5644 (50% of the red box).
For those of you who like to watch the gap-fills, there's an unfilled gap below us at SPX 5376.98 only -3.65% below us, this would make it a -12.49% correction.
Just one last trading day for March, thanks for reading and have a great week & new month (we hope)...Jason
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