{"id":65065,"date":"2023-07-08T15:54:00","date_gmt":"2023-07-08T22:54:00","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=65065"},"modified":"2023-07-08T16:40:47","modified_gmt":"2023-07-08T23:40:47","slug":"bulls-fail-again-at-overbought-threshold-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2023\/07\/08\/bulls-fail-again-at-overbought-threshold-the-market-breadth\/","title":{"rendered":"Bulls Fail Again at the Overbought Threshold – The Market Breadth"},"content":{"rendered":"\n

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

The summer of loving stocks<\/a> is staring down its second major test just two weeks after its first major test<\/a>. Like the first test, the latest test is happening in the wake of the stock market’s failure to break through the overbought threshold on market breadth. Unlike the first test, the important 20DMA supports are not holding in picture-perfect form. A swirl of economic data last week seemed to leave the market confused and unsure of how to react.<\/p>\n\n\n\n

The Federal Reserve’s minutes for the June meeting<\/a> reminded the Wall Street of the Fed’s case for staying hawkish. Strong services numbers on Thursday<\/a> reinforced the message. Wall Street’s disappointment about the good news came in the form of soaring volatility, rising interest rates, and a stock market sinking. Friday’s softer than “expected” jobs report for June<\/a> seemed to offer little consolation with small caps surprisingly outperforming the market.<\/p>\n\n\n\n