#1: On an annual basis the $SPX has now not tagged its annual 5EMA for 2 years in a row. Such a disconnect is extremely rare. In most years this 5EMA is regularly tagged at least once. The last time $SPX was disconnected for 2 years in a row was at the 2000 top. At the 2007 top the $SPX was also disconnected from its 5 EMA for an entire year. Where’s the annual 5EMA now? 1782 as of Friday’s close.
#2: Both the 2000 and 2007 tops not only saw annual 5EMA disconnects but were accompanied by a severe decline in participation as measured by the $BPSPX and stocks below their 200MA.
#3: Currently the $SPX is showing an inside quarter, meaning that we are inside the price range of the previous quarter. This is also extremely rare. As far as I can tell this has happened recently only at the 2000 top, near the 2002 lows and finally at the end of 2012 just ahead of QE3 which then propelled stocks higher
ED ANCHE NEL 2007 CI FU RIMBALZO DI NATALE MA POI SVANI'....
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