With only 22 % of issues on the NASDAQ Composite above their respective 50-day MA certainly qualifies as a short term oversold condition. However, the low reading does suggest weaker footing for the market in general than say just 6 months ago.
Nasdaq Composite Net 52 Week Highs-Lows 50 Day MA
Source: Redwood Technimentals Research Group
Net 52-week highs are below the zero line, and have similar readings to March ‘03. This suggests we are oversold.
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Quote of the Day:
“I’m surprised and disappointed that the behavior isn’t that ardently different between Christians and non-Christians.”
– John Styll, on the prevalence of Internet music downloading of gospel and religious music amongst Christian teens.