{"id":33611,"date":"2016-03-16T18:38:12","date_gmt":"2016-03-17T01:38:12","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=33611"},"modified":"2016-03-16T23:20:17","modified_gmt":"2016-03-17T06:20:17","slug":"t2108-update-160316","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2016\/03\/16\/t2108-update-160316\/","title":{"rendered":"T2108 Update (March 16, 2016) &#8211; The Fed Delivers and Markets Celebrate (The Damn Daniel Edition)"},"content":{"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 <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 occasionally 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>: 83.4%<br \/>\n<strong>T2107 Status<\/strong>: 38.4% (new 7-month high)<br \/>\n<strong>VIX Status<\/strong>: 15.0<br \/>\n<strong>General (Short-term) Trading Call<\/strong>: cautiously bullish (see caveats below)<br \/>\n<strong>Active T2108 periods<\/strong>: Day #24 over 20%, Day #23 over 30%, Day #20 over 40%, Day #17 over 50%, Day #13 over 60%, Day #12 over 70%, Day #10 over 80% (overbought)<\/p>\n<p><strong>Commentary<\/strong><br \/>\n<a href=\"http:\/\/drduru.com\/onetwentytwo\/2016\/03\/16\/rate-hike-expectations-surge-into-march-fed-meeting-as-divergent-market-participation-looms\/\" target=\"_blank\">I did not know what to expect<\/a> out of <a href=\"http:\/\/www.federalreserve.gov\/newsevents\/press\/monetary\/20160316a.htm\" target=\"_blank\">today&#8217;s decision on monetary policy from the Federal Reserve<\/a>. I also did not know how to handicap the market&#8217;s reaction. <a href=\"http:\/\/finance.yahoo.com\/news\/fed-march-policy-142620494.html\" target=\"_blank\">The Fed delivered with a projection of two rate cuts for 2016<\/a> that aligned with market expectations. Under such conditions, I would have expected little reaction from the market. Instead, the market&#8217;s reaction was very distinct and celebratory. This is where I insert my gratuitous &#8220;Damn Daniel!&#8221; &#8211; a phrase I probably never would have learned without talking to my massage therapist earlier this week. A phrase I feel fits the mood of today&#8217;s market celebration.<\/p>\n<p><center><br \/>\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/_LUX70mXcEE\" frameborder=\"0\" allowfullscreen><\/iframe><br \/>\n<\/center><\/p>\n<p>First, the market&#8217;s expectations for the NEXT rate hike backed off by two months, from July to September. I think this reflects some skepticism that the Fed will actually manage to pull off two hikes this year. (As usual, I had to use my own records for previous days as the CME has yet to fix its data for &#8220;previous month&#8221; and &#8220;previous day&#8221;).<\/p>\n<p><center><br \/>\n<figure id=\"attachment_33622\" aria-describedby=\"caption-attachment-33622\" style=\"width: 473px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_30DayFedFundsFutures.png\" rel=\"attachment wp-att-33622\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_30DayFedFundsFutures.png\" alt=\"The market pushes the timing of the next rate hike from July to September.\" width=\"483\" height=\"291\" class=\"size-full wp-image-33622\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_30DayFedFundsFutures.png 483w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_30DayFedFundsFutures-300x181.png 300w\" sizes=\"auto, (max-width: 483px) 100vw, 483px\" \/><\/a><figcaption id=\"caption-attachment-33622\" class=\"wp-caption-text\">The market pushes the timing of the next rate hike from July to September.<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.cmegroup.com\/trading\/interest-rates\/countdown-to-fomc.html\" target=\"_blank\">CME Group FedWatch<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Apparently, this shift in rate expectations helped the S&#038;P 500 (SPY) make an important breakout above resistance at its 200-day moving average (DMA).<\/p>\n<p><center><br \/>\n<figure id=\"attachment_33614\" aria-describedby=\"caption-attachment-33614\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_SP500.png\" rel=\"attachment wp-att-33614\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_SP500.png\" alt=\"The S&amp;P 500 (SPY) breaks out.\" width=\"550\" height=\"375\" class=\"size-full wp-image-33614\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_SP500.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_SP500-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33614\" class=\"wp-caption-text\">The S&#038;P 500 (SPY) breaks out.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>T2108, the percentage of stocks trading above their respective 40DMAs, made little progress with a close at 83.5%. However, I am not concerned. As I mentioned before, I do not expect much more progress out of my favorite technical indicator given it is already so elevated. I have now switched to T2107, the percentage of stocks trading above their respective 200DMAs. T2107 soared on the day and just nicked its way to a new 7-month high at 38.4%. <\/p>\n<p><center><br \/>\n<figure id=\"attachment_33615\" aria-describedby=\"caption-attachment-33615\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_T2107.png\" rel=\"attachment wp-att-33615\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_T2107.png\" alt=\"T2107 confirms a continuation of the rally.\" width=\"550\" height=\"375\" class=\"size-full wp-image-33615\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_T2107.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_T2107-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33615\" class=\"wp-caption-text\">T2107 confirms a continuation of the rally.<\/figcaption><\/figure><br \/>\n<\/cen\n\nU.S. Steel (X) is one of many speculative stocks benefiting from the new momentum. It broke out above its 200DMA resistance on an intraday basis on March 4th, closed above the resistance March 10th, and finally confirmed the breakout today. Even though the stock is up a blistering 138% from ALL-TIME lows just last month, I decided to buy some speculative call options just based on the strength of the breakout.\n\n<center><br \/>\n<figure id=\"attachment_33620\" aria-describedby=\"caption-attachment-33620\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_X.png\" rel=\"attachment wp-att-33620\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_X.png\" alt=\"U.S. Steel (X) looks set to continue its blistering surge off all-time lows.\" width=\"550\" height=\"375\" class=\"size-full wp-image-33620\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_X.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_X-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33620\" class=\"wp-caption-text\">U.S. Steel (X) looks set to continue its blistering surge off all-time lows.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>For extra emphasis, the market rammed the volatility index, the VIX, back into the long-standing pivot point. In parallel, ProShares Ultra VIX Short-Term Futures (UVXY) finally returned to its familiar territory of all-time lows.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_33617\" aria-describedby=\"caption-attachment-33617\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_VIX.png\" rel=\"attachment wp-att-33617\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_VIX.png\" alt=\"The volatility index, the VIX, is back to the 15.35 pivot line with a close just below this magnetic line.\" width=\"550\" height=\"375\" class=\"size-full wp-image-33617\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_VIX.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_VIX-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33617\" class=\"wp-caption-text\">The volatility index, the VIX, is back to the 15.35 pivot line with a close just below this magnetic line.<\/figcaption><\/figure><\/p>\n<p><figure id=\"attachment_33616\" aria-describedby=\"caption-attachment-33616\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_UVXY.png\" rel=\"attachment wp-att-33616\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_UVXY.png\" alt=\"ProShares Ultra VIX Short-Term Futures (UVXY) is back to all-time lows and looks ready to set even lower marks.\" width=\"550\" height=\"375\" class=\"size-full wp-image-33616\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_UVXY.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_UVXY-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33616\" class=\"wp-caption-text\">ProShares Ultra VIX Short-Term Futures (UVXY) is back to all-time lows and looks ready to set even lower marks.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>The one holdout is the Australian dollar (FXA) versus the Japanese yen (FXY). AUD\/JPY responded as expected under these conditions with a rally, but the pair is still under 200DMA resistance. A bullish overnight report on unemployment in Australia might push this holdout over the edge.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_33618\" aria-describedby=\"caption-attachment-33618\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_AUDJPY.png\" rel=\"attachment wp-att-33618\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_AUDJPY.png\" alt=\"AUD\/JPY is alive again and readying for a fresh test of declining 200DMA resistance.\" width=\"550\" height=\"375\" class=\"size-full wp-image-33618\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_AUDJPY.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_AUDJPY-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33618\" class=\"wp-caption-text\">AUD\/JPY is alive again and readying for a fresh test of declining 200DMA resistance.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>The U.S. dollar index (DXY0) plunged to test the lows for 2016. A VERY important 200DMA breakdown may be underway here. I continue to back off my dollar bullishness under these conditions. I even traded AUD\/USD bullishly for the first time in perhaps years!<\/p>\n<p><center><br \/>\n<figure id=\"attachment_33619\" aria-describedby=\"caption-attachment-33619\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_DXY0.png\" rel=\"attachment wp-att-33619\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_DXY0.png\" alt=\"The U.S. dollar index may be breaking down\" width=\"550\" height=\"375\" class=\"size-full wp-image-33619\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_DXY0.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_DXY0-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-33619\" class=\"wp-caption-text\">The U.S. dollar index may be breaking down<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>This decline in the dollar is the clearest sign yet that the trade on &#8220;policy divergence&#8221; is coming to an end. I find this turn of events bizarre given the U.S. has the only major central bank even talking interest rate hikes, but such is the current reality! Next up, I want to see whether the market maintains the post-Fed momentum or pulls off one of its post-Fed fades before regathering itself.<\/p>\n<p><center><br \/>\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/aodavML_cB8\" frameborder=\"0\" allowfullscreen><\/iframe><br \/>\n<\/center><\/p>\n<p>&#8212; &#8211; &#8212;<\/p>\n<p>For readers interested in reviewing my trading rules for an oversold T2108, please see my post in the wake of the August Angst, &#8220;<a href=\"http:\/\/drduru.com\/onetwentytwo\/2015\/08\/25\/t2108-update-150824\/\" target=\"_blank\">How To Profit From An EPIC Oversold Period<\/a>&#8220;, and\/or review my <a href=\"http:\/\/www.drduru.com\/money\/T2108.htm\" target=\"_blank\">T2108 Resource Page<\/a>. <\/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 500\" href=\"http:\/\/stockcharts.hcom\/h-sc\/ui?s=$SPX&amp;p=D&amp;st=2015-09-16&amp;en=2016-03-16&amp;id=p14085208538\" target=\"_blank\">S&amp;P 500<\/a> or <a title=\"6-month chart of SPY\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=SPY&amp;p=D&amp;st=2015-09-16&amp;en=2016-03-16&amp;id=p14085208538\" target=\"_blank\">SPY<\/a><br \/>\n<a title=\"6-month chart of the U.S. dollar\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=$USD&amp;p=D&amp;st=2015-09-16&amp;en=2016-03-16&amp;id=p25615696567\" target=\"_blank\">U.S. Dollar Index<\/a> (U.S. dollar)<br \/>\n<a title=\"6-month chart of EEM\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=EEM&amp;p=D&amp;st=2015-09-16&amp;en=2016-03-16&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=2015-09-16&amp;en=2016-03-16&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=2015-09-16&amp;en=2016-03-16&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=2015-09-16&amp;en=2016-03-16&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=2015-09-16&amp;en=2016-03-16&amp;id=p15880085697\" target=\"_blank\">CAT<\/a> (Caterpillar).<br \/>\n<a title=\"6-month chart of IBB\" href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=IBB&amp;p=D&amp;st=2015-09-16&amp;en=2016-03-16&amp;id=p15880085697\" target=\"_blank\">IBB<\/a> (iShares Nasdaq Biotechnology).<\/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><\/p>\n<p>The charts above are the my LATEST updates independent of the date of this given T2108 post. For my latest T2108 post <a href=\"http:\/\/drduru.com\/onetwentytwo\/tag\/t2108\/\" target=\"_blank\">click here<\/a>.<\/p>\n<p>\n<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: short AUD\/JPY, long and short various currencies against the U.S. dollar, long X call options<\/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 (March 16, 2016) &#8211; The Fed Delivers and Markets Celebrate (The Damn Daniel Edition)\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2016\/03\/16\/t2108-update-160316\/\">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":[483,20,43,490,512,62,21],"tags":[772,310,299,1547,1595,138,115,65,225,226,1597,1591,1092,303,194],"class_list":["post-33611","post","type-post","status-publish","format-standard","hentry","category-breakdown","category-forex","category-industrial-sector","category-overbought","category-resistance","category-technical-analysis","category-u-s-dollar","tag-audjpy","tag-australian-dollar","tag-dxy0","tag-fed-funds-futures","tag-federal-reserve","tag-japanese-yen","tag-monetary-policy","tag-sp-500","tag-t2107","tag-t2108","tag-technical-analysis","tag-u-s-dollar","tag-uvxy","tag-vix","tag-x"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>T2108 Update (March 16, 2016) - The Fed Delivers and Markets Celebrate (The Damn Daniel Edition) - 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\/2016\/03\/16\/t2108-update-160316\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T2108 Update (March 16, 2016) - The Fed Delivers and Markets Celebrate (The Damn Daniel Edition) - 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 ... Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/drduru.com\/onetwentytwo\/2016\/03\/16\/t2108-update-160316\/\" \/>\n<meta property=\"og:site_name\" content=\"ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-17T01:38:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-03-17T06:20:17+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/03\/160316_30DayFedFundsFutures.png\" \/>\n<meta name=\"author\" content=\"Dr. Duru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@drduru\" \/>\n<meta name=\"twitter:site\" content=\"@drduru\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dr. Duru\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2016\\\/03\\\/16\\\/t2108-update-160316\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2016\\\/03\\\/16\\\/t2108-update-160316\\\/\"},\"author\":{\"name\":\"Dr. Duru\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"headline\":\"T2108 Update (March 16, 2016) &#8211; 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