Mohan said:
What is this Hindenburg Omen??
I had just read about this recently.
The core idea behind it is that it's bearish whenever there are a large number of both new 52-weeks highs and new 52-week lows which I do not see this here at the moment.
Why would a large number of both new highs and new lows be bearish?
According to Peter Eliades, editor of the Stockmarket Cycles newsletter: "Under normal conditions, either a substantial number of stocks establish new annual highs or a large number set new lows - but not both." When there are high levels of both, "it indicates that the market is undergoing a period of extreme divergence... Such divergence is not usually conducive to future rising stock prices. A healthy market requires some semblance of internal uniformity, and it doesn't matter what direction that uniformity takes. Many new highs and very few lows is obviously bullish, but so is a great many new lows accompanied by few or no new highs. This is the condition that leads to important market bottoms."