I wrote about this earlier in the year, but thought a quick review would be in order since so many people are talking about the
200-day moving average on TV and in the newspapers.
The company is trading above its
200-day moving average of $41.
25 and ABOVE its long term
200-day moving average of 54.
Moreover, the stock's
200-day moving average of $8.
21 and BELOW its long-term
200-day moving average of 17.
In fact, the
200-day moving average on the NASDAQ is already beginning to turn slightly negative.
In fact, he noted recently that continued chopping around near the
200-day moving average would be very bearish, and that's what is happening.
But unless the break through the
200-day moving average is an intermediate rollover - which Bugos doesn't believe it is because the last lowest high in the intermediate sequence occurred in early October and has not been violated yet - the correction has probably run its course, whether the broad market makes new highs or whether it slides sharply from here.
The number of NYSE stocks above their
200-day moving average lines has stalled around 37%.
75% below its 50-day and
200-day moving averages, respectively.
The stock is trading above its
200-day moving averages of $59.
All of the major stock market indexes continue to trade comfortably above their
200-day moving averages, with 78% of NYSE stocks currently above their
200-day moving averages.
