On a Toppy Tuesday, Can We Get More Bullish?
Phil Davis submits:
Here’s a fun chart to consider:
This is the S&P 500 Bullish Percent Index, which is a measure of the percent of stocks in the index that are currently trading with Point and Figure buy signals. Bullish Percent Levels higher than 70% are considered overbought and below 30% is considered oversold. We hit a high of 88 in September of last year and haven’t been below 50 since last March’s crash. Notice a move down to just 64 cost the S&P close to 10% in February so, believe me – you don’t even want to think about what will happen if we hit 30!
Investing, Long Term Investment, stock market | admin March 23, 2010
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