Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined
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31.91% (-8.16% 1wk)
Status: Difficult Environment
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) decreased by -8.16% this week.
Therefore, the overall combined average is at 31.91% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages.
Last weeks rebound attempt failed and rolled over, with a strong decline this week in both the NYSE and Nasdaq markets. Which has extended the distance below its declining 20 day MA to -7.72%, and distance below its declining 50 day MA (signal line) to -16.01%.
So the Difficult Environment status (which has been in force since the 8th August except for two days) remains in full force at the moment, and the field position has deteriorated back into the Stage 4 zone (Below 40%), and is at its lowest level since the March correction in the market, when the S&P 500 formed a major swing low below its 200 day MA.
The Point and Figure (P&F) chart (shown above) made a further double bottom breakdown on Thursday and added 3 more Os to its current column, and so the P&F strategy remains on Defense (as it's in a column of Os), and the P&F status continues to be on Bear Confirmed status and has moved into the lower third of field.
This weeks full length post is for Stage Analysis Members only, but you can see a full, unlocked post from early June as an example if you are interested in seeing this data each week. Go to: Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined – 2 June 2023
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.