10 More Highs For 2nd Hindenburg Omen

According to a tweet from Zerohedge, the market needs only 10 more new highs for a second Hindenburg confirmation.

The Hindenburg Omen is a pattern based on technical analysis that is said to predict a stock market crash. There have been two such instances recently, putting more fear into the market that a correction, or even a crash is coming.

The technical pattern was named after the Hindenburg disaster of May 6th, 1937, during which the Hindenburg zeppelin was destroyed.

The Hindneburg Omen has four major criteria in order to be seen as statistically significant. The criteria are as follows: (courtesy of Wikipedia)

1. The daily number of NYSE new 52 Week Highs and the daily number of new 52 Week Lows are both greater than 2.2 percent of total NYSE issues traded that day. Based on approximately 3100 NYSE issues, the 2.2% threshold is 69.
2. The NYSE 10 Week moving average is rising.
3. The McClellan Oscillator is negative on the same day.
4. New 52 Week Highs cannot be more than twice the new 52 Week Lows (though new 52 Week Lows may be more than double new Highs).

A Hindenburg omen is thought to have occurred yesterday, as well as August 12th when it first was mentioned.