“Last week Tuesday and Wednesday the US market generated a Hindenburg Omen (HO), which means we have per definition a confirmed HO in place. Again, a HO is one of the major signals/patterns in technical analysis that consists of several technical factors which have to be fulfilled to trigger a valid signal.”“It is very interesting to see the difference between sentiment in August and the current market sentiment, which also has a huge impact on the medial notice of the HO. In late August the AAII bullish consensus was at 30%, which was contrarian buying territory. Last week the bullish consensus was at 50% and our flow-driven sentiment studies are at/near multi-year extremes. In August we had dozens of request form clients and the media about the relevance of the HO; last week there was just one single client who asked about the appearance of the pattern.” UBS
ubs-equities-technical-analysis-dec-21-2010
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