This morning, there are less and less new 52 week highs on the New York Stock Exchange. When the new 52 week high list shrinks it tells us that the major stock indexes are coming under institutional selling pressure. The stocks that are making new 52 week highs include Clean Harbors Inc.(NYSE:CLH), Yamana Gold Inc.(NYSE:AUY), Rogers Corp.(NYSE:ROG), and Mastercard Inc.(NYSE:MA).
The amount of stocks that are hitting new 52 week lows is continuing to grow. This is usually a bearish sign for the major stock indexes. Traders should realize that the major stock indexes are oversold in the short term, therefore, a bounce in the markets cannot be ruled out in the near term. In any case, traders must still use caution in this environment.