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IPFS News Link • Stock Market

Dollar Dumps In April As S&P Does Something It's Never Done Before

• https://www.zerohedge.com, by Tyler Durden

All major US equity indices ended April higher with Nasdaq 100 leading the way and Small Caps lagging...

And while the 5%-ish gain for the month in S&P is notable, during 18 sessions this month through trading on Thursday, 95% or more of the index's members traded above their 200-day moving average.

That's the most days ever observed in a single calendar month and double the previous high of nine days in September 2009.

"The fact that 95% of the S&P 500 is now above its 200-day moving average is NOT a bullish sign," Matt Maley, chief market strategist for Miller Tabak + Co., wrote in an April 26 note.

"Yes, a high number of stocks above their 200 DMA's is usually positive, BUT it is NOT bullish when the number becomes extreme (like it is now…at 95%). In other words, this data point is much like sentiment. When it is strong, it is positive…but when it becomes extreme, it becomes a contrarian indicator!"

Remember, if stocks are up...

Trannies continue their all-time record streak of weekly gains (now 13 weeks in a row) while the other US majors struggled on the week (with Nasdaq 100 the biggest laggard)...

Stocks were down today, initially ignited by Kaplan's hawkish comments and then two modest sell programs in the afternoon...


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