Despite the potential for another 10-15% leg lower we do have a bit of data suggesting we might be turning.
Here are the ones supporting the possibility of a bottom.
Consecutive 2.5% gains in Nasdaq only led to one leg lower, all others were major bottoms.
Consecutive 2.5% gains in Nasdaq only led to one leg lower, all others were major bottoms.
A 4 day Advance decline breadth of 85% signaled all major bottoms since the 90s.
We just got the highest reading of the past decades.
We just got the highest reading of the past decades.
4 consecutive 1%+ days has been extremely rewarding historically.
Every hit was higher 6 months after and up a major 28% on average after a year.
Every hit was higher 6 months after and up a major 28% on average after a year.
The VIX came back to 30 and shows a reduced fear/volatility.
Historically 83% of the time we were higher in the following 3 months.
Historically 83% of the time we were higher in the following 3 months.
All of these are of course tilted towards the idea of a move higher and contrary signs could be found too.
The point is to illustrate how many data point hits were triggered last week and to highlight them.
The point is to illustrate how many data point hits were triggered last week and to highlight them.
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