This has not been a meaningful pullback yet. It may not be in the end. It looks like all the others!
What is different this time is how negative market breadth has been. No idea if we will pull back further or not at this point. It seems like we will resume moving upward again. The AI trade has kept the market afloat the last few weeks. Without the big guys, the market would have already had, at the very least, a light correction. I am starting to see some good buying opportunities and will probably jump back in aggressively when the NHNL reverses.
The net NHNL went below -1000 and is already starting to move back up.
I am not ready to jump back in long, but have starting compiling a list of stocks I am interested in. It is time to really pay attention to the 52 week NH/NL. If it can’t make its way positive while the market moves upward, a deeper pull back is coming.
