Charts of the Week!
Added 2024-06-02 15:25:11 +0000 UTCTwo Charts that we should pay attention to over the course of June are % of Stocks in SP500 over the 50DMA and 200DMA.
Both charts have been very telling when to sell the rips and when to buy the dips.
% above 200DMA:
You can see here, since 2023 Lows, this % move has been consolidating in a box range and the "sell the rip" have been very obvious during the March 2024 highs that led in to a bloodshed in April but recovered quickly throughout May. Last week, we saw a buy opportunity where bears tried to take this below the support.
Next, % of stocks over 50DMA: This is even more telling of the June we might be having. On May 31, 2023 this % bottomed out and went on a rip through June and July where we saw new highs before the October lows. Fastforward to Friday, May 31, 2024 late day rally the % line showed a sharp reversal. On top of that this is a nice wedge setup and COULD possibly repeat this summer.
