Now We Need A 90-90 Up Day
Published August 6th, 2007 in Market Internals Tags: 90 90, 90 90 day, advance decline, breadth, inflection point, Lowry, Lowrys, market breadth, Nasdaq.
According to research from Lowry’s, important market bottoms are formed when we see 90% of the points and volume in the market decline, followed by the reverse (90% move up). These are called 90-90 days for short. Read Lowry’s full report (Charles Dow Award section, titled “Identifying Bear Market Bottoms & New Bull Markets”).
On July 26th 2007 we had a 90-90 down day and Friday I think we had or came very close to having another 90-90 down day.
On the NYSE, 82% of the issues decline while declining volume was 94% of total volume.
During the last intermediate bottom, Nasdaq breadth reached -2000 three times but it also popped above +1500. To complete this script, we now need to see a 90-90 up day. As I explained before, trends seem to require these wide range days in breadth.
Until we get such an extreme up day, the bears will have the upper hand in the market.
90 90, 90 90 day, advance decline, breadth, inflection point, Lowry, Lowrys, market breadth, Nasdaq
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6 Responses to “Now We Need A 90-90 Up Day”
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was today the 90-90 up day?
Ugly, no, today was very lukewarm breadth wise. Not even close.
Today was a very mixed day internally. The breadth at the NASDAQ was actually negative, pretty amazing for such a big up day. Today certainly was not convincing at all to me. Looks like the bears keep the upper hand.