This week saw the most combined NYSE and Nasdaq Hindenburg Omens since the 2007 top (tall bars indicate both exchanges for same day, a low bar indicates one of the two on that day):
Which explains this lunacy:
Gamblers have been so busy buying every dip that the market is now historically overbought. Two years of accumulated buying pressure has never been released. Which means the casino is stair-stepping towards waterfall crash...
Breadth is making a series of lower highs:
Even though buying pressure is at maximum
The breadth oscillator is in red flag territory
Institutions are liquidating
The Fed is tightening on both ends
Junk bonds are getting pole axed
The rest of the world is rolling over
Over-reliance on a handful of mega caps is extreme:
The Nasdaq 100 is primed
Bitcoin is done.
It's currently down -15% from the all time high set earlier this week. The 50 day is 20% further to the downside, which is the likely first stop.
Following the Nasdaq Y2K analogy, eventual decline could take it back to $1,000
Wall Street's pump and dump is ending:
