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Hindenburg Omen Signal 1
On Friday there was an unconfirmed Hindenburg Omen Signal. This is the first occurrence since the last one occurred on April 15th which wasn't followed by a second signal over a 36 day period so it never led to a confirmed Hindenburg Omen.
The criteria for a Hindenburg Omen include the following:
1. That the daily number of NYSE new 52 Week Highs and the daily number of new 52 Week Lows must both be greater than 2.2 percent of total NYSE issues traded that day.
2. That the smaller of these numbers is greater than 75.
3. That the NYSE 10 Week moving average is rising.
4. That the McClellan Oscillator is negative on that same day.
5. That new 52 Week Highs cannot be more than twice the new 52 Week Lows (however it is fine for new 52 Week Lows to be more than double new 52 Week Highs).
For a confirmed Hindenburg Omen we will now be watching for a second Hindenburg Omen signal over the next 36 trading days.
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