NASDAQ: Extreme market internal and sentiment degradation..
I created this indicator to combine several market internal and sentiment indicators. The readings seen currently are below the March 2020 Covid sell-off readings and approaching what we saw in Dec 2019, which was a pretty bad month for that year as some of you might remember. This indicator can act as both a warning and as a 'get ready to buy' indicator. Generally, it will identify when internals are degrading--when readings become more extreme, the market usually sees violent moves. However shortly after that (about 3 days to a week), we usually see a strong, v-shape, counter move.
In short: We are at a ST/IT bottom or bottoming - if last week's violent down moves in the Nasdaq was not the bottom, the next day or two will likely see more violent downside moves to cause bull capitulation and a after that, a v-shape counter move.
In short: We are at a ST/IT bottom or bottoming - if last week's violent down moves in the Nasdaq was not the bottom, the next day or two will likely see more violent downside moves to cause bull capitulation and a after that, a v-shape counter move.
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