NYSE % of stocks > than 200 Day Moving Average

As seen on the chart above the percentage of NYSE stocks > than their 200 day moving average has
slipped (not incl. today) to almost 20%. This reading is similar to readings at other past significant lows such as the 1998 low and the 2002 low.

That said we don’t think we have seen the absolute low in the markets yet given the recent trend line break in the S&P 500. However, given these indicator readings we are starting to see the signs of a capitulation building one more shot down may be necessary to set a better, more solid low.