NYSE – New  52 – Week Lows

The prior blog noted bullish divergences for New 52 – week lows and Advance/Decline line at the SPX 09/20/21 bottom.

The daily NYSE – New 52 – week lows ($NYLOW) courtesy of Stockcharts.com illustrates this internal stock market indicator.

Today 09/23/21 the S&P 500 (SPX) briefly moved  above a .618 retracement of the decline from the all-time high –  illustrated in the 30 – minute chart courtesy of Trading View.

The combination of bullish divergences and the level of retracement has increased the chances that the SPX decline from 09/02/21 could be just a correction within a broader ongoing bull market.

Traders are short 150% non – leveraged SPX related funds.  Lower the stop loss on half of the position on a move above SPX 4545.85.

Lower the stop loss on the second half of the position to a move above SPX 4485.87.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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