{"id":5151,"date":"2011-05-23T19:52:04","date_gmt":"2011-05-23T23:52:04","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=5151"},"modified":"2011-05-23T23:54:15","modified_gmt":"2011-05-24T03:54:15","slug":"t2108-update-110523","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/05\/23\/t2108-update-110523\/","title":{"rendered":"T2108 Update: May 23, 2011"},"content":{"rendered":"

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. To learn more about it, see my T2108 Resource Page<\/a>.)<\/p>\n

T2108 Status<\/strong>: 41% and Neutral
\nGeneral Trading Call<\/strong>: Hold.<\/p>\n

Commentary<\/strong>
\nT2108 plunged to 41%, essentially hitting my downside target range<\/a> of 30-40% when it dipped to 39% and change at one point. I see weakness evident throughout the market and in most individual stock charts that I review, and the dollar is rallying<\/a> without the tailwind of good economic news. Today, the dollar broke to fresh highs for May producing impressive follow-through on its bounce from 50DMA support<\/a>. As a result, I am not suggesting that shorts start covering just yet. (I covered one short in Siemens because the stock fell well below the lower Bollinger Band, but I am still holding my puts on SSO). The S&P 500 broke through the 50DMA support AND made a new intraday low for the month before closing right at the former high (Chart not shown. Click here for chart of the S&P 500 at stockcharts.com<\/a>).<\/p>\n

Another factor to consider: traders may be generally uninterested this week in increasing long exposure ahead of the three-day Memorial Day weekend. But after that, look out for the famed beginning of the month effect if the market is oversold by then.<\/p>\n

In the meantime, buyers may make a run back to the 50DMA on the S&P 500, but I expect such a move to fail to produce much follow-through. Once (if?) T2108 falls under 40%, and especially if it gets close to 30%, shorts should start covering and then building a list for (short-term) trading longs. Recall that T2108 has found bottoms around 30% for much of the rally off the March, 2009 historic lows. Thus, it becomes almost as important as the official oversold level of 20%.<\/p>\n


\nCharts below are the latest<\/strong> snapshots of T2108 (and the S&P 500)<\/em>
\nRefresh browser if the charts are the same as the last T2108 update.
\n<\/p>\n

Daily T2108 vs the S&P 500<\/strong>
\n\"T2108<\/p>\n

Black line: T2108 (measured on the right); Red line: S&P 500 (for comparative purposes)
\n<\/center><\/p>\n


\nWeekly T2108<\/strong>
\n\"Weekly
\n*All charts created using TeleChart:<\/strong> <\/a>
\n<\/center><\/p>\n

Related links:<\/strong>
\nThe T2108 Resource Page<\/a>
\nExpanded daily chart of T2108 versus the S&P 500<\/a>
\nExpanded weekly chart of T2108 <\/a><\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long SSO puts, net short U.S. dollar (covered large short GBP\/USD), long SI call (remaining from hedging a short)<\/p>\n","protected":false},"excerpt":{"rendered":"

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. To learn more about it, see my T2108 Resource Page.) T2108 Status: 41% and Neutral General Trading Call: Hold. Commentary T2108 plunged to 41%, essentially hitting my downside target range of 30-40% when it dipped to 39% and change at one … 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":[135,62],"tags":[65,577,576,226,1597],"class_list":["post-5151","post","type-post","status-publish","format-standard","hentry","category-stock-market-trading","category-technical-analysis","tag-sp-500","tag-si","tag-siemens-aktien","tag-t2108","tag-technical-analysis"],"yoast_head":"\nT2108 Update: May 23, 2011 - 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\/2011\/05\/23\/t2108-update-110523\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T2108 Update: May 23, 2011 - 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]. 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