Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined
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31.43% (-5.30% 1wk)
Status: Difficult Environment
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) decreased by -5.30% this week.
Therefore, the overall combined average is at 31.43% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages.
The combined average continued lower for a fourth week, moving deeper into the Weak range, with a continued increase in the amount of Stage 4 stocks, which now significantly outnumber the amount of Stage 2 stocks in the majority of market cap ranges.
Distance from combined average is -12.92% below its short-term 20 day MA, and -20.43% below its 50 day MA (signal line). Hence the status continues to be on Difficult Environment status.
So extreme caution continues to be prudent, as the majority of major US indexes closed the week in early Stage 4 positions. So it is a pivotal point for the market. i.e. will the dip buyers come in once more, or will it keep dipping and fall into a major Stage 4 decline? Interesting times.
The Point and Figure (P&F) chart (shown above) dropped by a further 3 Os in the current column of Os. So the P&F strategy remains on Defense (as it is in a column of Os), and the P&F status remains on Bear Confirmed status in the lower third of the field.
See the Bullish Percent article for more information on the P&F statuses.
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.