Percentage of Stocks Above Moving Average
……………………20-Day……….50-Day……..100-Day………150-Day……200-Day
Today…………….56.86%…….. 57.23%……. 37.15%………. 35.21%….. 32.58%
Yesterday ……….62.98%……… 58.88%……. 38.64%……… 36.83%…… 34.06%
Last Week……… 52.94%…….. 49.83%…….. 35.35%……… 34.39%…… 31.40%
Last Month……… 60.71% …….32.97%…….. 29.56%……… 28.95%…… 25.61%

Herein lies the problem with chart analysis, I could argue a plausible case for either Bull/Bear cases based on the preceeding charts, depending on any biases I might hold. My bias is for the Bear case based on the economy, but, I could quite easily entertain, based on the charts an optimistic outlook.

Based on market valuations, we are nowhere near a major market bottom. I would be a buyer if we were at a major bottom, irrespective of the fluctuating news flow, but, as stated, the valuations are still far too high.

Can we bounce? Absolutely. As my water indicates, such a bounce might be underway currently. The most bullish chart the P&F, would suggest also an upcoming bounce. The market internal data has described a short-term bottom as % of stocks seem to be climbing back above all their moving averages currently.

The question seems to be; will this be a 1968 -1982 Bear market, or a 1990 -1991 Bear market? The difference is obviously significant.