The stock market’s breadth data are overwhelmingly negative in morning trade Wednesay, but are still far from panic levels, which suggests there are still bulls holding out for a bounce to sell. On the New York Stock Exchange, decliners are dominating advancers by a 3-to-1 margin (2,981-to-104). In other words, 94.4% of the NYSE-listed stocks are declining, when including the 70 stocks that are unchanged. Meanwhile, 97.2% of the volume is in declining stocks. That is pushing the NYSE Arms Index up to 1.39, but that is still well below what many technicians sees as the panic, or capitulation threshold, of 2.0.
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From:: Stock Market News