{"id":67607,"date":"2024-02-14T01:04:42","date_gmt":"2024-02-14T09:04:42","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=67607"},"modified":"2024-02-14T01:06:41","modified_gmt":"2024-02-14T09:06:41","slug":"be-ready-kind-of-day-in-stock-market-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2024\/02\/14\/be-ready-kind-of-day-in-stock-market-the-market-breadth\/","title":{"rendered":"A BE READY Kind of Day in the Stock Market &#8211; The Market Breadth"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Stock Market Commentary<\/strong><\/h2>\n\n\n\n<p>Right after <a href=\"https:\/\/youtu.be\/cTiHvtvnOW0\">the stock market tempted me to flip from bearish to neutral<\/a>, January&#8217;s CPI (consumer price index) turned brought the bears rushing back to the scene. <a href=\"https:\/\/inflationwatch.wordpress.com\/2024\/02\/13\/from-inflation-fizzle-to-sizzle\/\">Inflation&#8217;s fizzle turned to sizzle<\/a>, and the technical picture of the stock market almost flipped on its head. The charts say it all &#8211; the post-CPI wake created a &#8220;be ready&#8221; kind of day in the stock market.<\/p>\n\n\n\n<br><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-1196033822186410\" data-ad-slot=\"3478942445\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Stock Market Indices<\/strong><\/h2>\n\n\n\n<p>The S&amp;P 500 (SPY) from afar looks just fine. The uptrend in place since the November 50DMA breakout remains intact. Yet, the day&#8217;s 1.4% loss on a gap down felt jarring. The jolt took the edge of some growing complacency. The index survived the day by bouncing almost perfectly off support at its 20-day moving average (DMA). <\/p>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_SPY-SP-500.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1480\" height=\"836\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_SPY-SP-500.png\" alt=\"The S&amp;P 500 (SPY) abruptly gapped down from a string of all-time highs but rebounded above 20DMA support.\" class=\"wp-image-67614\" style=\"width:840px;height:419px\" title=\"S&amp;P 500 (SPY)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_SPY-SP-500.png 1480w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_SPY-SP-500-768x434.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_SPY-SP-500-1320x746.png 1320w\" sizes=\"auto, (max-width: 1480px) 100vw, 1480px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>The S&amp;P 500 (SPY) abruptly gapped down from a string of all-time highs but rebounded above 20DMA support.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-5e6b19ed wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/drduru.com\/onetwentytwo\/subscribe-free\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:#0693e3\" class=\"has-inline-color has-white-color\">Join the One-Twenty Two Mailing List for Free<\/mark><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The NASDAQ (COMPQ) also survived a test of 20DMA support. The move was not quite as convincing as the S&amp;P 500&#8217;s rebound, but the tech-laden index escaped the day with its uptrend intact. <\/p>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_COMPQ-NASDAQ.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1479\" height=\"836\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_COMPQ-NASDAQ.png\" alt=\"The NASDAQ (COMPQ) faded from the 16,000 level and barely held 20DMA support.\" class=\"wp-image-67613\" style=\"aspect-ratio:2;width:840px;height:auto\" title=\"NASDAQ (COMPQ)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_COMPQ-NASDAQ.png 1479w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_COMPQ-NASDAQ-768x434.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_COMPQ-NASDAQ-1320x746.png 1320w\" sizes=\"auto, (max-width: 1479px) 100vw, 1479px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>The NASDAQ (COMPQ) faded from the 16,000 level and barely held 20DMA support.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>The iShares Russell 2000 ETF (IWM) was the big story of the day. The ETF of small cap stocks gapped down and lost a whopping 4.1%. The technical traders took mercy on the sudden reversal and defended support at the converged bear market line and 50DMA (the red line). I was ready with a long IWM put but I took the steam out of one of my &#8220;be ready&#8221; trades by starting a transition to the bullish side with a calendar call spread at the $204 strike. I will likely close out the put in Wednesday&#8217;s trading. IWM&#8217;s mini-implosion reminds us of its hyper-sensitivity to expectations over monetary policy.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_IWM-iShares-Russell-2000-ETF.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1480\" height=\"836\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_IWM-iShares-Russell-2000-ETF.png\" alt=\"The iShares Russell 2000 ETF (IWM) abruptly reversed a breakout with a 4.1% loss and retest of the converging 50DMA and bear market line.\" class=\"wp-image-67612\" style=\"aspect-ratio:1.995249406175772;width:840px;height:auto\" title=\"iShares Russell 2000 ETF (IWM)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_IWM-iShares-Russell-2000-ETF.png 1480w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_IWM-iShares-Russell-2000-ETF-768x434.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_IWM-iShares-Russell-2000-ETF-1320x746.png 1320w\" sizes=\"auto, (max-width: 1480px) 100vw, 1480px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>The iShares Russell 2000 ETF (IWM) abruptly reversed a breakout with a 4.1% loss and retest of the converging 50DMA and bear market line.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>The Short-Term Trading Call to Be Ready<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AT50<\/strong> (MMFI) = 44.7% of stocks are trading above their respective 50-day moving averages<\/li>\n\n\n\n<li><strong>AT200<\/strong> (MMTH) = 56.2% of stocks are trading above their respective 200-day moving averages<\/li>\n\n\n\n<li><strong>Short-term Trading Call<\/strong>: bearish<\/li>\n<\/ul>\n\n\n\n<p>AT50 (MMFI), the percentage of stocks trading above their respective 50DMAs, plunged to a 3-month low and closed at 44.7%. My favorite technical indicator fell from 60.0% and preserved an overall downtrend from its end of year peak in 2023. AT50 faltered at the edge of ending the downtrend and threatening a resumption of overbought trading. It instead plunged right back into a confirmation of <a href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/01\/16\/bring-on-bears-overbought-conditions-end-decisively-the-market-breadth\/\">the bearish market breadth signals in place since it fell from overbought trading last month<\/a>. This instant transformation was a reminder of what it means to be ready!<\/p>\n\n\n\n<p>AT200 (MMTH), the percentage of stocks trading above their respective 200DMAs, also plunged. This indicator of the longer-term health of market breadth closed at a 2-month low. AT200 is slowly boiling a &#8220;be ready&#8221; warning flag.<\/p>\n\n\n\n<p>In the following video, I go through a quick review of some key stock charts. I still see a mix of bullish and bearish truths, but, of course, the bearish action continues to catch the bulk of my attention.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"A BE READY Kind of Day in the #stockmarket\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/b89tFHWOEBA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMFI-AT50.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1480\" height=\"836\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMFI-AT50.png\" alt=\"AT50 (MMFI) reconfirmed the bearish undertone to the market with a plunge to a 3-month low.\" class=\"wp-image-67611\" style=\"aspect-ratio:1.9858156028368794;width:840px;height:auto\" title=\"AT50 (MMFI)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMFI-AT50.png 1480w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMFI-AT50-768x434.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMFI-AT50-1320x746.png 1320w\" sizes=\"auto, (max-width: 1480px) 100vw, 1480px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>AT50 (MMFI) reconfirmed the bearish undertone to the market with a plunge to a 3-month low.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMTH-AT200.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1480\" height=\"836\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMTH-AT200.png\" alt=\"AT200 (MMTH) dropped to a 2-month low.\" class=\"wp-image-67610\" style=\"width:840px;height:auto\" title=\"AT200 (MMTH)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMTH-AT200.png 1480w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMTH-AT200-768x434.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/02\/20240213_MMTH-AT200-1320x746.png 1320w\" sizes=\"auto, (max-width: 1480px) 100vw, 1480px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>AT200 (MMTH) dropped to a 2-month low.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>Be careful out there!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"footnotes\"><strong>Footnotes<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/drduru.com\/onetwentytwo\/subscribe-free\/\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe for free<\/a> to get email notifications of future posts!<\/p>\n\n\n\n<p>&#8220;Above the 50&#8221; (AT50) uses the percentage of stocks trading above their respective 50-day moving averages (DMAs) to measure breadth in the stock market. Breadth defines the distribution of participation in a rally or sell-off. As a result, AT50 identifies extremes in market sentiment that are likely to reverse. Above the 50 is my alternative name for &#8220;MMFI&#8221; which is a symbol TradingView.com and other chart vendors use for this breadth indicator. Learn more about AT50 on my <a href=\"https:\/\/drduru.com\/onetwentytwo\/about\/t2108-resource-page\/\">Market Breadth Resource Page<\/a>. AT200, or MMTH, measures the percentage of stocks trading above their respective 200DMAs.<\/p>\n\n\n\n<p><strong><strong><strong><strong>Active AT50 (MMFI) periods:<\/strong><\/strong> <\/strong><\/strong>Day #54 over 20%, Day #52 over 30%, Day #50 over 40% (overperiod), Day #1 under 50% (underperiod ending 3 days over 50%), Day #10 under 60%, Day #21 under 70%<\/p>\n\n\n\n<p>Source for charts unless otherwise noted: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>TradingView.com<\/strong><\/a><\/p>\n\n\n\n<p><strong>Full disclosure:<\/strong>  long ARKK, long IWM put, long HSY, long QLYS, long BILL shares and call option<\/p>\n\n\n\n<p><strong>FOLLOW Dr. Duru&#8217;s commentary on financial markets via <a href=\"https:\/\/stocktwits.com\/DrDuru\" target=\"_blank\" rel=\"noreferrer noopener\">StockTwits<\/a>, <a href=\"https:\/\/twitter.com\/DrDuru\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>, and even <a href=\"https:\/\/www.instagram.com\/drduru_market_breadth\/\" target=\"_blank\" rel=\"noreferrer noopener\">Instagram<\/a>!<\/strong><\/p>\n\n\n\n<p>*Charting notes: Stock prices are not adjusted for dividends. Candlestick charts use hollow bodies: open candles indicate a close higher than the open, filled candles indicate an open higher than the close.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock Market Commentary Right after the stock market tempted me to flip from bearish to neutral, January&#8217;s CPI (consumer price index) turned brought the bears rushing back to the scene. Inflation&#8217;s fizzle turned to sizzle, and the technical picture of the stock market almost flipped on its head. The charts say it all &#8211; the &#8230; <a title=\"A BE READY Kind of Day in the Stock Market &#8211; The Market Breadth\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/02\/14\/be-ready-kind-of-day-in-stock-market-the-market-breadth\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":67620,"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":[368,584,483,482,1576,1129,219,43,1312,512,338,796,1311,511,62,982,518,1633],"tags":[2981,2982,3430,3431,1820,2832,2932,2221,3263,3264,64,63,873,2201,2529,2218,909,1413,3328,413,2528,872,65,1684,2367,362,1650,2493,303,931,3426,3428,3429,3427],"class_list":["post-67607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","category-bollinger-band","category-breakdown","category-breakout","category-entertainment","category-food-retail","category-high-tech","category-industrial-sector","category-manufacturing-2","category-resistance","category-retail","category-semiconductors","category-software","category-support","category-technical-analysis","category-trading-range","category-transportation","category-travel","tag-ark-innovation-etf","tag-arkk","tag-arm","tag-arm-holdings-plc","tag-at200","tag-at50","tag-avis-budget-group-inc","tag-car","tag-carg","tag-cargurus-inc","tag-cat","tag-caterpillar-inc","tag-childrens-place","tag-compq","tag-dave-and-busters-entertainment","tag-ishares-russell-2000-etf","tag-iwm","tag-mcd","tag-mcdonalds-corp","tag-nasdaq","tag-play","tag-plce","tag-sp-500","tag-shop","tag-shopify","tag-spy","tag-tdc","tag-teradata-corporation","tag-vix","tag-volatility-index","tag-watts-water-technologies-inc","tag-wcc","tag-wesco-international-inc","tag-wts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A BE READY Kind of Day in the Stock Market - The Market Breadth - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"description\" content=\"Inflation\u2019s fizzle turned to sizzle, and the technical picture of the stock market almost flipped on its head. 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