We are in a bit of a correction. The NasDaq is now in Stage 4 decline because its 30 week moving average line is now sloping downward.
The other major indexes are in Stage 3 and possibly heading for Stage 4.
One of my favorite Stan Weinstein indicators is to chart the difference between NYSE stocks hitting their 52 week high vs those hitting their 52 week low. He said not to use it alone but in conjunction with the other indicators. If we take a look at it now, it shows that we are in the beginning of a correction. How far it goes is hard to say, this could be a normal correction or if tensions continue with Russia, inflation doesn't budge and if there are more restrictions due to COVID which is also driving inflation, then it could continue. Hard to say.
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