{"id":23723,"date":"2023-06-16T22:06:48","date_gmt":"2023-06-17T02:06:48","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/the-stock-market-is-topping-heres-the-evidence\/"},"modified":"2023-06-16T22:06:49","modified_gmt":"2023-06-17T02:06:49","slug":"the-stock-market-is-topping-heres-the-evidence","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23723","title":{"rendered":"The Stock Market Is Topping. Here\u2019s The Evidence."},"content":{"rendered":"
\n

\u201cBullish percent\u201d represents the percentage of stocks in a particular index now trading in bullish point-and-figure chart patterns, that old school price analysis that the MBA\u2019s at the big investment firms can\u2019t stop chuckling over. \u201cOh no, not technical analysis again! Are the tarot cards next? Please!\u201d<\/p>\n

Fine, let them keep poring over their boring balance sheets and only somewhat believable income statements and then ignoring all of that when it\u2019s clear they missed out on the huge move up in 7 tech stocks.<\/p>\n

It\u2019s funny to see all of that business school learning fly out the window when their methods underperform the NASDAQ-100 by 20 or 30%.<\/p>\n

Stock Market Is Topping Factors:<\/h2>\n

This daily chart shows the percentage of those stocks in the NASDAQ-100 presently in bullish point-and-figure chart patterns.<\/p>\n

<\/fbs-ad><\/p>\n

Here\u2019s the problem: even though the index itself is hitting new all time highs, the number of stocks in bullish patterns is fewer than at the February peak and fewer than at the December, 2022 peak. This negative divergence indicates underlying weakness in the NASDAQ-100.<\/p>\n

This chart show the percentage of stocks in the Standard and Poor\u2019s 500 now in point-and-figure bullish patterns:<\/p>\n

As the S&P 500 index itself moves up into new all-time high territory, the percentage of stocks within can\u2019t make a new high. It\u2019s lower here than it was in early February and in early December, 2022. This is another case of underlying strength waning steadily.<\/p>\n

Here\u2019s the daily chart for the volatility index:<\/p>\n

It\u2019s making new lows on this 8-month chart. This extraordinary low level represents investor confidence that the stock market is in fine condition and will always remain so. That\u2019s a volatility good vibe, the sort of feeling that some believe develops around the time of market tops.<\/p>\n

And one more thing:<\/p>\n

Nvidia is now trading on the NASDAQ like a Blinder & Robinson penny stock from the 80s, all on the apparent basis of \u201cAI is the next big thing and Nvidia
\n NVDA
\n <\/fbs-ticker> chip systems are absolute pie in the sky!\u201d<\/p>\n

Up 250% from its October lows (7 months ago!), the NASDAQ-100\u2019s favorite component trades with a price-earnings ratio of 223, a price-sales ratio of 40 and at 43 times its book value. The Shiller p\/e for the S&P 500 sits at 30.<\/p>\n

Here\u2019s the daily price chart:<\/p>\n

The red-circled gap area represents the point at which traders lost their minds. This is the bubbliest of the bubble madness now going on in the tech sector, not necessarily signaling any kind of exact top<\/em>, but we\u2019re closing in on one with this \u201ccan\u2019t remove my finger from the buy button\u201d behavior.<\/p>\n

Add up all of the above and you\u2019ve got a market top or topping.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cBullish percent\u201d represents the percentage of stocks in a particular index now trading in bullish point-and-figure chart patterns, that old school price analysis that the MBA\u2019s at the big investment firms can\u2019t stop chuckling over. \u201cOh no, not technical analysis again! Are the tarot cards next? Please!\u201d Fine, let them keep poring over their boring […]<\/p>\n","protected":false},"author":1,"featured_media":23724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-23723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nThe Stock Market Is Topping. 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