{"id":26953,"date":"2015-02-10T19:18:29","date_gmt":"2015-02-11T03:18:29","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=26953"},"modified":"2015-02-10T19:18:29","modified_gmt":"2015-02-11T03:18:29","slug":"t2108-update-150210","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2015\/02\/10\/t2108-update-150210\/","title":{"rendered":"T2108 Update (February 10, 2015) &#8211; The S&#038;P 500 Trades Back to the Top of Its Chopping Range"},"content":{"rendered":"<p><code><\/code>(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. It helps to identify extremes in market sentiment that are likely to reverse. To learn more about it, see my <a href=\"http:\/\/www.drduru.com\/money\/T2108.htm\">T2108 Resource Page<\/a>. You can <a href=\"http:\/\/twitter.com\/#!\/search\/%23T2108\">follow real-time T2108 commentary<\/a> on twitter using the #T2108 hashtag. T2108-related trades and other trades are sometimes posted on twitter using <a href=\"http:\/\/twitter.com\/#!\/search\/%23120trade\" target=\"_blank\">the #120trade hashtag<\/a>. T2107 measures the percentage of stocks trading above their respective 200DMAs)<\/p>\n<p><strong>T2108 Status<\/strong>: 61.6%<br \/>\n<strong>T2107 Status<\/strong>: 48.2%<br \/>\n<strong>VIX Status<\/strong>: 17.2<br \/>\n<strong>General (Short-term) Trading Call<\/strong>: Bearish until T2108 goes overbought AND the S&#038;P 500 closes at a new all-time high<br \/>\n<strong>Active T2108 periods<\/strong>: Day #78 over 20%, Day #37 above 30%, Day #17 over 40%, Day #6 over 60% (overperiod), Day #148 under 70%<\/p>\n<p><strong>Reference Charts<\/strong> (click for view of last 6 months from Stockcharts.com):<br \/>\n<a title=\"6-month chart of the S&amp;P 5005\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=$SPX&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p14085208538\" target=\"_blank\">S&amp;P 500<\/a> or <a title=\"6-month chart of SPY\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=SPY&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p14085208538\" target=\"_blank\">SPY<\/a><br \/>\n<a title=\"6-month chart of SDS\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=SDS&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p15880085697\" target=\"_blank\">SDS<\/a> (ProShares UltraShort S&amp;P500)<br \/>\n<a title=\"6-month chart of the U.S. dollar\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=$USD&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p25615696567\" target=\"_blank\">U.S. Dollar Index<\/a> (volatility index)<br \/>\n<a title=\"6-month chart of EEM\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=EEM&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p15880085697\" target=\"_blank\">EEM<\/a> (iShares MSCI Emerging Markets)<br \/>\n<a title=\"6-month chart of the VIX\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=$VIX&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p25615696567\" target=\"_blank\">VIX<\/a> (volatility index)<br \/>\n<a title=\"6-month chart of VXX\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=VXX&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p15880085697\" target=\"_blank\">VXX<\/a> (iPath S&amp;P 500 VIX Short-Term Futures ETN)<br \/>\n<a title=\"6-month chart of EWG\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=EWG&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p15880085697\" target=\"_blank\">EWG<\/a> (iShares MSCI Germany Index Fund)<br \/>\n<a title=\"6-month chart of CAT\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=CAT&amp;p=D&amp;st=2014-08-10&amp;en=2015-02-10&amp;id=p15880085697\" target=\"_blank\">CAT<\/a> (Caterpillar).<\/p>\n<p><strong>Commentary<\/strong><br \/>\nAs I like to say, it is HARD being bearish on the market when Apple, Inc (AAPL) is trading bullishly.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26954\" aria-describedby=\"caption-attachment-26954\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_AAPL.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_AAPL.png\" alt=\"Apple, Inc. (AAPL) achieves a fresh all-time high, finally invalidating all previous bearish signals\" width=\"550\" height=\"375\" class=\"size-full wp-image-26954\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_AAPL.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_AAPL-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26954\" class=\"wp-caption-text\">Apple, Inc. (AAPL) achieves a fresh all-time high, finally invalidating all previous bearish signals<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>AAPL became the first company ever to surpass $700B in value today. The chart above shows that AAPL has now invalidated the previous bearish chart signals that worried me. The perfect bounce off the first Bollinger Band (BB) opens up the strong potential for a fresh run-up. The Apple Trading Model (ATM) predicted the opposite direction for the day unfortunately. So, I will be playing some catch-up assuming AAPL does indeed launch into a fresh uptrend.<\/p>\n<p>My trading bias remains bearish on the overall market because the rally for the S&#038;P 500 (SPY) failed to break the top of the trading range&#8230;<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26962\" aria-describedby=\"caption-attachment-26962\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_SP500.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_SP500.png\" alt=\"The S&amp;P 500 launches back into the top of its trading range\" width=\"550\" height=\"375\" class=\"size-full wp-image-26962\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_SP500.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_SP500-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26962\" class=\"wp-caption-text\">The S&#038;P 500 launches back into the top of its trading range<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>&#8230;and T2108 barely managed to eke out a gain after spending most of the day in negative territory.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26963\" aria-describedby=\"caption-attachment-26963\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_T2108.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_T2108.png\" alt=\"Although the S&amp;P 500 was up for the entire day, T2108 was negative most of the day. It only closed with a slight gain thanks to an intraday rally.\" width=\"550\" height=\"375\" class=\"size-full wp-image-26963\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_T2108.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_T2108-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26963\" class=\"wp-caption-text\">Although the S&#038;P 500 was up for the entire day, T2108 was negative most of the day. It only closed with a slight gain thanks to an intraday rally.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>This divergence implies that the day&#8217;s rally was led by a small group of stocks. Bulls and buyers still have a lot to prove beyond putting AAPL firmly back into bullish territory.<\/p>\n<p>The volatility index is still hanging tough as it pivots around its 50DMA. It is still in position to launch off  approximate support at any time.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26964\" aria-describedby=\"caption-attachment-26964\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_VIX.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_VIX.png\" alt=\"The VIX is still pivoting around its 50DMA\" width=\"550\" height=\"375\" class=\"size-full wp-image-26964\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_VIX.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_VIX-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26964\" class=\"wp-caption-text\">The VIX is still pivoting around its 50DMA<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>All this means it makes plenty of sense to press my bet on my favorite hedge on bullishness, Caterpillar, Inc. (CAT). I doubled down on my March puts right after trading opened for the day.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26955\" aria-describedby=\"caption-attachment-26955\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CAT.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CAT.png\" alt=\"Caterpillar, Inc. (CAT) has already filled its post-earnings gap down but failed to make further progress today\" width=\"550\" height=\"375\" class=\"size-full wp-image-26955\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CAT.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CAT-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26955\" class=\"wp-caption-text\">Caterpillar, Inc. (CAT) has already filled its post-earnings gap down but failed to make further progress today<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>While we wait to see whether the market can finally break out or whether we will need to endure yet more chop, here are some charts of interest. These are all bullish and will be even MORE interesting once\/if the market finally breaks out and launches an extended overbought rally.<\/p>\n<p><strong>Conn&#8217;s (CONN)<\/strong><br \/>\nCONN has amazingly gained another 20% since <a href=\"http:\/\/drduru.com\/onetwentytwo\/2015\/02\/05\/t2108-update-150205\/\" target=\"_blank\">since I sold my call options<\/a>. I of course wish I had been more patient but suffering through that fade in December on the previous CONN trade really made me extra eager to lock in profits this time around.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26956\" aria-describedby=\"caption-attachment-26956\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CONN.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CONN.png\" alt=\"Conn&#039;s Inc. (CONN) has continued its post-earnings surge, now including a bullish 50DMA breakout and a fresh post-December earnings high\" width=\"550\" height=\"375\" class=\"size-full wp-image-26956\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CONN.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_CONN-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26956\" class=\"wp-caption-text\">Conn&#8217;s Inc. (CONN) has continued its post-earnings surge, now including a bullish 50DMA breakout and a fresh post-December earnings high<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p><strong>Tableau Software (DATA)<\/strong><br \/>\nIn <a href=\"http:\/\/drduru.com\/onetwentytwo\/2015\/02\/08\/t2108-update-150206\/\" target=\"_blank\">my last T2108 Update<\/a>, I discussed the pre-earnings trade set-up in Splunk (SPLK) after it gapped up in sympathy with bullish earnings from DATA. SPLK has now sold off the last two days back to its 50DMA. It suddenly occurred to me to check on DATA and, sure enough, the stock was also pulling back from its post-earnings gains. I did not hesitate to make a bullish bet with call options as DATA neared its first Bollinger Band. So far, so good, as DATA smartly bounced off support. I am looking for DATA to resume its upward momentum past its post-earnings high.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26958\" aria-describedby=\"caption-attachment-26958\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA-closeup.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA-closeup.png\" alt=\"Tableau Software (DATA) pulled back to the first Bollinger Band (BB) before resuming post-earnings momentum\" width=\"550\" height=\"375\" class=\"size-full wp-image-26958\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA-closeup.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA-closeup-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26958\" class=\"wp-caption-text\">Tableau Software (DATA) pulled back to the first Bollinger Band (BB) before resuming post-earnings momentum<\/figcaption><\/figure><\/p>\n<p><figure id=\"attachment_26957\" aria-describedby=\"caption-attachment-26957\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA.png\" alt=\"A rough road, but a general uptrend from last year&#039;s low\" width=\"550\" height=\"375\" class=\"size-full wp-image-26957\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_DATA-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26957\" class=\"wp-caption-text\">A rough road, but a general uptrend from last year&#8217;s low<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p><strong>FireEye (FEYE)<\/strong><br \/>\nFEYE will be reporting earnings Wednesday evening. I will be watching closely as the chart below shows the stock has been trending upward into a potential breakout.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26959\" aria-describedby=\"caption-attachment-26959\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FEYE.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FEYE.png\" alt=\"FireEye (FEYE) is slowing trending up from recent low into a potential bullish breakout\" width=\"550\" height=\"375\" class=\"size-full wp-image-26959\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FEYE.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FEYE-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26959\" class=\"wp-caption-text\">FireEye (FEYE) is slowing trending up from recent low into a potential bullish breakout<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p><a href=\"http:\/\/drduru.com\/onetwentytwo\/2015\/02\/09\/a-reduction-in-the-speculative-sparkle-for-the-oil-trades\/\" target=\"_blank\">I just discussed a change in my oil-related trades<\/a> that involved locking in profits in call options on Linn Energy (LINE). It was well-timed precaution as LINE smartly pulled back from resistance. Near the close, I decided to use some of those profits to buy back a few March call options. I do not plan on expanding the position although I might consider a new one if LINE crumbles all the way back to $10 or so (depending on the dynamics in the oil market at that time of course).<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26961\" aria-describedby=\"caption-attachment-26961\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_LINE.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_LINE.png\" alt=\"Linn Energy (LINE) falls back from resistance - this rejection is not nearly as violent as the last one!\" width=\"550\" height=\"375\" class=\"size-full wp-image-26961\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_LINE.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_LINE-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26961\" class=\"wp-caption-text\">Linn Energy (LINE) falls back from resistance &#8211; this rejection is not nearly as violent as the last one!<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p><strong>First Solar (FSLR)<\/strong><br \/>\nFSLR continued a theme on the day of smart bounces off support and lows. I doubled down on FSLR call options as it approached its 50DMA support. This is part of my new hedged trade on solar stocks (a separate piece still to come on this!). Going into the close, FSLR rallied smartly on news that <a href=\"https:\/\/finance.yahoo.com\/news\/apple-build-850m-solar-energy-204753555.html;_ylt=A0SO8yzWvNpUtVcAvJpXNyoA;_ylu=X3oDMTByNWU4cGh1BGNvbG8DZ3ExBHBvcwMxBHZ0aWQDBHNlYwNzYw--\" target=\"_blank\">Apple (AAPL) will partner with FSLR on an $850M solar farm<\/a>. This news should work wonders for sentiment in solar stocks which have slumped in <strong>parallel<\/strong> with energy and commodities. Now it looks like the latest bounce in late January might actually hold.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_26960\" aria-describedby=\"caption-attachment-26960\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FSLR.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FSLR.png\" alt=\"First Solar (FSLR) stages a big comeback off 50DMA support thanks to news about a partnership with Apple (AAPL)\" width=\"550\" height=\"375\" class=\"size-full wp-image-26960\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FSLR.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/02\/150210_FSLR-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-26960\" class=\"wp-caption-text\">First Solar (FSLR) stages a big comeback off 50DMA support thanks to news about a partnership with Apple (AAPL)<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>So, overall, there are PLENTY of reasons to get constructive on the market again, but I still want to see the S&#038;P 500 and T2108 partner up to prove the bullishness.<\/p>\n<p><center><br \/>\n<strong>Daily T2108 vs the S&amp;P 500<\/strong><br \/>\n<img loading=\"lazy\" decoding=\"async\" title=\"T2108 vs. the S&amp;P 500 (DAILY)\" src=\"http:\/\/www.drduru.com\/money\/charts\/T2108-daily_s.png\" alt=\"\" width=\"500\" height=\"350\" \/><\/p>\n<p>Black line: T2108 (measured on the right); Green line: S&amp;P 500 (for comparative purposes)<br \/>\nRed line: T2108 Overbought (70%); Blue line: T2108 Oversold (20%)<br \/>\n<\/center><\/p>\n<p><center><br \/>\n<strong>Weekly T2108<\/strong><br \/>\n<a href=\"http:\/\/www.drduru.com\/money\/charts\/T2108-weekly_s.png\"><img loading=\"lazy\" decoding=\"async\" title=\"Weekly T2108\" src=\"http:\/\/www.drduru.com\/money\/charts\/T2108-weekly_s.png\" alt=\"Weekly T2108\" width=\"500\" height=\"350\" \/><br \/>\n*<strong>All charts created using <\/strong><\/a><strong><a title=\"Freestockcharts.com\" href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">freestockcharts.com<\/a><\/strong> unless otherwise stated<\/center><strong>Related links:<\/strong><br \/>\n<a href=\"http:\/\/www.drduru.com\/money\/T2108.htm\">The T2108 Resource Page<\/a><br \/>\n<a href=\"http:\/\/www.drduru.com\/money\/charts\/T2108-daily.jpg\">Expanded daily chart of T2108 versus the S&amp;P 500<\/a><br \/>\n<a href=\"http:\/\/www.drduru.com\/money\/charts\/T2108-weekly.jpg\">Expanded weekly chart of T2108 <\/a><\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long DATA calls, long SPLK calls and puts, long AAPL puts, long LINE calls, <\/p>\n","protected":false},"excerpt":{"rendered":"<p>(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. It helps to identify extremes in market sentiment that are likely to reverse. To learn more about it, see my T2108 Resource Page. You can follow real-time T2108 commentary on twitter using the #T2108 hashtag. T2108-related trades and other trades are &#8230; <a title=\"T2108 Update (February 10, 2015) &#8211; The S&#038;P 500 Trades Back to the Top of Its Chopping Range\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/02\/10\/t2108-update-150210\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[584,219,43,377,512,338,1311,3,511,982,920],"tags":[250,534,64,63,1457,1460,1315,1500,1501,6,7,1462,1461,65,16,226,1314,1597],"class_list":["post-26953","post","type-post","status-publish","format-standard","hentry","category-bollinger-band","category-high-tech","category-industrial-sector","category-oil","category-resistance","category-retail","category-software","category-solar-energy","category-support","category-trading-range","category-uptrend","tag-aapl","tag-apple-inc","tag-cat","tag-caterpillar-inc","tag-conn","tag-conns-inc","tag-data","tag-feye","tag-fireeye","tag-first-solar","tag-fslr","tag-line","tag-linn-energy","tag-sp-500","tag-solar-stocks","tag-t2108","tag-tableau-software","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>T2108 Update (February 10, 2015) - The S&amp;P 500 Trades Back to the Top of Its Chopping Range - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/02\/10\/t2108-update-150210\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T2108 Update (February 10, 2015) - The S&amp;P 500 Trades Back to the Top of Its Chopping Range - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. It helps to identify extremes in market sentiment that are likely to reverse. To learn more about it, see my T2108 Resource Page. You can follow real-time T2108 commentary on twitter using the #T2108 hashtag. T2108-related trades and other trades are ... 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