Another Flag pointing at a Pullback

The 15-day MA of the Nasdaq hi/lo ratio has a strong positive correlation with the Nasdaq Composite index; 9 of the last 11 peaks in the hi/lo ratio have corresponded with local maxima in the Nasdaq. Although the primary bull-trend remains firmly in place, this is one of several technical reasons to expect a pullback in the near term (chart below).

During the 2018 correction, our analysis showed that we were not at the start of a new bear market and that the bull market was not in the process of ending.

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