Is there a "bad omen" in the US stock market?
Technical analyst Tom McClellan posted: On October 30th, the New York Stock Exchange saw 93 new highs and 131 new lows, both exceeding the threshold of 77 (2.8% of A+D), triggering another "Hindenburg Omen" signal. This signal has appeared twice, one of which occurred yesterday. When multiple similar signals occur, their significance is often higher. He pointed out that when the last 30 "Hindenburg Omen" signals were triggered, the S&P 500 had an 83% probability of declining two months later
Technical analyst Tom McClellan posted:
On October 30th, the New York Stock Exchange saw 93 new highs and 131 new lows, both exceeding the threshold of 77 (2.8% of A+D), triggering another "Hindenburg Omen" signal. This signal has appeared twice, one of which occurred yesterday. When multiple similar signals occur, their significance is often higher.
He pointed out that when the last 30 "Hindenburg Omen" signals were triggered, the S&P 500 had an 83% probability of declining two months later.
