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I don't have a percentage, but it was high the amount of sector charts showing some form of positive divergence between the price action and the RSI. I like new lows to remain bearish on the RSI (which in turn subsequent price action) and we are not getting that at this time. One has to be aware that a reaction rally could happen any day now. I would welcome the idea to work off some oversold condition and curb the bear's enthusiasm.
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I trimmed some of my core short DIA position on Friday as I anticipate some sort of short covering rally but see nothing serious that has me considering any longs.
Closer look at positive divergence – where new lows are made and the chart appears to be very bearish, but the relative strength is telling a different story. Alone this isn't enough to be aggressive on the long side but it's worth noting to watch for other clues or to subdue one's tendency to become more bearish when you should be taking some gains off the table if you were short. Biases are very powerful in this game so it's important to have checks/balances.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.