Add margin deceleration to the bearish side of the ledger. Comment: February cutoff suggests that surging oil prices and bond yields aren't the market's only problem. H/t @_rob_anderson
NYSE A-D line divergence has attended many, but not all, important tops. Divergence was conspicuously absent in January 2026, reducing, but not eliminating, the chance that a cyclical bear market is underway.
Mark Ungewitter
Mark Ungewitter
NVDA is arguably breaking down from an 8-month topping process. Downside acceleration would support the case.
“You can always find exceptions, especially in hindsight.”
–Bogi Yerra 🤪
10-day NYSE new lows is likely to hurdle 4% of total issues at today's close, given 179 new lows at 1pm. This qualifies January 28th as a cyclical top, but doesn't guarantee it, as described below.
