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The Advance-Decline chart above also supports the thesis that a downturn is imminent. Note how the MACD flat-lined as the A/D weakened, clearly implying a loss of momentum and signalling that a change of trend was nearing.
The percentage of stocks in the S&P 500 that are above their respective 50 dma is now rolling over as well, signalling an increasingly weak market on the fringe of entering into a full blown route the likes of which we saw in January-Feb. Note how persistent these trends become once they enter a downward move. This is quintessential bear market action under the surface
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