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Chart of the Week: % of S&P 500 Issues Reaching 30 day Highs

Posted By Barry Ritholtz On November 8, 2004 @ 2:59 pm In Finance | Comments Disabled

After the rally of the past 9 days, the markets are somewhat overbought. Some consolidation might make the ensuing move more sustainable. The number of SPX stocks reaching 30 day highs has broken the peaks of the previous 2 years (see chart).

% of S&P 500 Issues Reaching 30 day Highs

_of_sp_500_issues_reaching_30_day_highs_1 [1]

Source: Redwood Technimentals

The back and filling action at this point would be a healthy sign that the markets are not getting too far ahead of themselves.

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Quote of the Day:
The measure of success is not whether you have a tough problem to deal with, but whether it’s the same problem you had last year.
- John Foster Dulles [9] (1888-1958)

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/11/chart-of-the-week-of-sp-500-issues-reaching-30-day-highs/

URLs in this post:

[1] Image: http://bigpicture.typepad.com/photos/uncategorized/_of_sp_500_issues_reaching_30_day_highs_1.jpg

[2] How to Fix Taxes and Social Security: http://www.washingtonpost.com/wp-dyn/articles/A29471-2004Nov5.html

[3] Avoiding the Oil Curse: http://www.slate.com/id/2108873

[4] 10 Big business blunders: http://www.usnews.com/usnews/issue/041108/biztech/8eeworst.htm

[5] Gloom Over Troubles and Bubbles: http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_currier&sid=aXh_w8JRj3G4

[6] The REIT way to diversify with ETFs: http://cbs.marketwatch.com/news/story.asp?guid=%7B477EEC5F%2D648E%2D4CED%2DAD2A%2D1A3FD6A755BE%7D&siteid=mktw&dist=

[7] The Decline of Brands : http://www.wired.com/wired/archive/12.11/brands_pr.html

[8] 10 things the Chinese do better than us : http://aolnetscape.workopolis.com/servlet/Content/qprinter/20041023/CHINATEN23

[9] John Foster Dulles: http://en.wikipedia.org/wiki/John_Foster_Dulles

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