ETF Trading with Larry Connors: Is This Bear Market Behavior?
The market is again oversold with the 2-period RSI of the Country Fund ETF Universe at 20.51. Approximately 80% of the Country Fund ETFs are now trading under the 200-day and the behavior over the past few weeks is looking more and more like bear market behavior (many days down followed by short-term spurts higher). The SPY is still above its 200-day and its
price, as well as many stock and ETF prices, will be dictated by the events in Washington and in Europe.
Today a number of major S&P 500 stocks report earnings and how each responds will be a good indication of what to expect over the next few weeks. Bad news followed by rising prices will be a good sign that the bull market is still intact.
The above is from Larry Connors’ Daily Battle Plan.
To learn more about the Daily Battle Plan – including access to Larry’s daily ETF trading signals, click here for more information.
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Larry Connors is founder and CEO of TradingMarkets.com