Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined
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38.27% (+6.70% 1wk)
Status: Neutral Environment
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) increased by +6.70% this week.
Therefore, the overall combined average is at 38.27% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages.
The combined average rebounded strongly this week, closing back above its 20 day MA for the first time in over a month, and is now +1.19% above its short-term 20 day MA, and -9.30% below its 50 day MA (signal line). Hence the status changed to Neutral Environment status.
It's a long way from positive territory. But in the very short-term, it is attempting to bounce. So it's a change of behaviour from what we've seen in the last few months in the market. But the geopolitical headwinds continue to cause extreme volatility on a daily basis. Hence caution remains prudent.
The Point and Figure (P&F) chart (shown above) reversed to column of Xs on Friday. So the P&F strategy changes to Offense (as it is in a column of Xs), and the P&F status changes to Bear Correction 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.