I have spoken about this since begining of the year but now it materializes nicely. The market has never survived narrow niche rallies and this has never been the characteristic of a bull market.
As you see the Nasdaq Composite has started to pull as the percent of stocks above their respective 200 D Moving average is well below 40%. To be confident that we are really oversold I would like to see the VIX go to above 25 on this pullback.
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