Some momentum stocks are setting up near their recent high

We continue to grind down lower. The S&P is down around 6% from high and other indexes are in similar territory.

We had 5 back to back negative breadth day. That is an indication of distribution by big funds.

At the moment we are not extremely negative breadth levels. So A setup for enduring rally is yet to develop.

However some momentum stocks are setting up near their recent high and may be the first to breakout when overall market decides to rally. The top 300 stocks by 6 month momentum that are near their six month high are the one that I would focus on.

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