From freestockcharts.com Note the MACD crossing over. A cyclical bull market is characterized by the majority of stocks trading above their long term trend line. As long as we see the majority of components hold above their long term moving averages, the health of the cyclical bull is intact. Corrections within the rally come and go but the breadth is sustained at an extremely high level. But when we see the percentage above the long term moving averages crash through the “floor” set by the cyclical bull market, the tone of the market changes. What follows can not longer be considered just another correction within an intermediate uptrend but rather the start of something entirely different. [HT tradersnarrative]
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