8 Minute Read

Tackle Today: An Optimistic Sign

September 26, 2022

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«Positive Breadth Divergence.»


The S&P 500 came within a buck of testing its June low on Friday. Close enough for me. With prices back to the level that sparked such an epic rebound last time, bulls are understandably looking for any reason to cast a line here.

It’s a contrarian view, but I see three things that could support it:

  1. First, we’re desperately oversold. The rubber band is stretched.
  2. Second, we’re probing a significant support zone.
  3. Third, we have a breadth divergence. When we tagged $362 in June, more than 1,000 stocks on the NYSE were hitting new 52-week lows. This time we’ve seen less than 400, creating what’s known as a positive breadth divergence. Essentially the market internals are healthier than they were in June.

Something to keep in mind as you try to fight the end-of-worlders on the airwaves.

Video of the Day: Frank’s Charts – Hot Potential Swing Trading Setups On Stocks

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Chart of the Day: S&P 500 Positive Breadth ($SPX)

Chart of the Day: S&P 500 Positive Breadth ($SPX) - Source: Ryan Detrick of Carson Group
Source: Ryan Detrick of Carson Group

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