Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined
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28.48% (-4.70% 1wk)
Status: Difficult Environment – Stage 4 zone
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) continued lower this week with a further -4.70% decline, after multiple attempts to rebound couldn't manage to follow through and it ended at the low of the week.
The overall combined average now stands at 28.48% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages, which is the lowest level it's been at since October, and it has moved back into the lower zone (below 30%), which it spent much of 2022 in.
It continues to extend below its own 50 day MA signal line, and closed the week -26.16% below it, as well as -17.22% below it's shorter-term 20 day MA, which are both extreme levels.
So the status remains on a Difficult Environment, which is the Stage 4 zone (Below 40% range).
The Point and Figure (P&F) chart (shown above) declined a further 2 Os this week, changing to P&F Bear Confirmed status on Monday 13th with the double bottom breakdown below the prior column of Os, which was highlighted to the Stage Analysis members in the private Twitter feed @Stage_Analysis
So the strategy based on the P&F chart remains on Defense for a sixth week (since the reversal to the column of Os on the 9th February), and the P&F status is now on Bear Confirmed status. So the defensive team remains on the field until there's a reversal to a column Xs.
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.