Tonight, I’m focusing on some ETFs. The following are showing positive divergences that are worth noting. They either formed a higher bottom in October, than their July lows, or were just barely below the July lows.
These point out the areas where investors were reluctant to sell in a very bad washed-out market. The thought here is that these might be the sectors where investors return to with some confidence, in the future …..
Compare these charts to [[SPY]] , which far exceeded its July low :
All this coming from the most washed out market EVER since 1955, as measured by the NYSE Bullish Percent :
The reading hit a low of 4% bullish for one week, and actually had a 2.7% reading last Friday. Yes folks, the stock market almost went to zero.
Good night.
If you enjoy the content at iBankCoin, please follow us on Twitter
