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Chris Perruna, senior vice president at Self-employed, observes that the SPX 10-day moving average of the new high minus new low (NHNL) differential continues to trend lower and remains below zero in September.
This indicator signals ongoing weakness in market breadth for the period.
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Perruna has previously identified chart patterns and key levels in individual stocks. He highlighted CRLC trading at $97.42 and noted $103.38 as the cup and handle breakout point investors may monitor. In another recent note, he pointed out GCT's 246 percent gain since December 2023, citing a breakout pattern and strong fundamentals.