AT40 = 31.5% of stocks are trading above their respective 40-day moving averages (DMAs)
AT200 = 25.5% of stocks are trading above their respective 200DMAs (just off a 32-month low)
VIX = 21.2 (as high as 25.9)
Short-term Trading Call: cautiously bullish
I have become convinced that 2019 is going to deliver another one of those poor trading starts. The stock market is unstable. The stock market is chaotic. Headline risk is extremely high. Resistance levels are holding firm on the major indices. The gyrations in the stock market take me back to the temporary market bottom in the fall of 2008 as the financial crisis unfolded.