{"id":54093,"date":"2020-08-19T00:05:53","date_gmt":"2020-08-19T07:05:53","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=54093"},"modified":"2020-08-19T07:01:23","modified_gmt":"2020-08-19T14:01:23","slug":"t2108-update-sp500-rejoins-all-time-high-club-overbought-conditions-end","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2020\/08\/19\/t2108-update-sp500-rejoins-all-time-high-club-overbought-conditions-end\/","title":{"rendered":"S&P 500 Rejoins the All-Time High Club As Overbought Conditions End – Above the 40 (August 18, 2020)"},"content":{"rendered":"\n

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

AT40<\/strong> = 69.7% of stocks are trading above their respective 40-day moving averages (DMAs) (ended 7 overbought trading days)
AT200<\/strong> = 44.7% of stocks are trading above their respective 200DMAs
VIX<\/strong> = 21.5
Short-term Trading Call<\/strong>: cautiously bullish<\/p>\n\n\n\n

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

A stock market that keeps its focus on positive catalysts finally gained enough strength to nudge the S&P 500 (SPY) to its first all-time high since February 19, 2020. The move comes with a major caveat as the stock market’s advance stopped broadening. AT40 (T2108)<\/a>, the percentage of stocks trading above their respective 40-day moving averages (DMAs), fell enough to end the last overbought trading period at 7 days. Closing at 69.7%, AT40 is off about 7 percentage points from last week’s peak<\/a> and is below the overbought threshold of 70%. The move was small enough to avoid a bearish divergence, but I am now on alert.<\/p>\n\n\n\n

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

The slow-motion rally of the S&P 500 (SPY) finally sent the index to an all-time high. The 0.2% gain was just enough.<\/p>\n\n\n\n

\"The<\/a>
The S&P 500 (SPY) gained 0.2% and nudged to the first all-time high since February 19, 2020.<\/figcaption><\/figure><\/div>\n\n\n\n