{"id":53466,"date":"2020-06-25T00:37:08","date_gmt":"2020-06-25T07:37:08","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=53466"},"modified":"2020-06-25T01:31:58","modified_gmt":"2020-06-25T08:31:58","slug":"t2108-update-200624","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2020\/06\/25\/t2108-update-200624\/","title":{"rendered":"A Trampling at the Frontlines of the Stock Market – Above the 40 (June 24, 2020)"},"content":{"rendered":"\n

Stock Market Statistics<\/strong><\/h2>\n\n\n\n

AT40<\/strong> = 47.9% of stocks are trading above their respective 40-day moving averages (DMAs) (2-month low)
AT200<\/strong> = 21.5% of stocks are trading above their respective 200DMAs
VIX<\/strong> = 33.8
Short-term Trading Call<\/strong>: neutral<\/p>\n\n\n\n

Stock Market Commentary<\/strong><\/h2>\n\n\n\n

The damage in the stock market is only visible upon close examination.<\/p>\n\n\n\n

\"\"<\/a>
Source: SwingTradeBot.com<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

The top technicals for the day as reported by SwingTradeBot<\/a> were a mix of bearish and bullish signals, but the trampling of support at 20-day moving averages (DMAs) stuck out to me. In addition to the 1,722 stocks that had the misfortune of breaking down below their primary trend support, 908 stocks also fell below their even more important 50DMAs. These stocks were on the frontlines of the prospects for the S&P 500 (SPY) to hold support at the bottom of its current channel<\/a>. That support for the index looks a lot more shaky even as the 50DMA is rushing upward to refortify the frontlines.<\/p>\n\n\n\n

The Stock Market Indices<\/strong><\/h3>\n\n\n\n

The S&P 500 (SPY) remains trapped between its 2019 close and its 200-day moving average (DMA). The index lost 2.6% and feebly bounced away from its 200DMA support.<\/p>\n\n\n\n

\"The<\/a>
The S&P 500 (SPY) lost 2.6% and closed in on another challenge of 200DMA support.<\/figcaption><\/figure><\/div>\n\n\n\n