[pcabc]

Some observations on breadth

My main observation is that nothing much has changed since last weekend.  But I will expand a little.  I think the main take away from this post is that nothing clear is happening.

UK:
This has strengthened a little since last week.  However, the price [1] seems to be going sideways, maybe it is making a top?  New highs minus new lows [2] are now around zero having had a couple of brief downward dips after a lengthy posative period.  Weinstein momentum is above zero but I'm not sure whether to say it is declining (it is short term) or more fair to say it is going sideways.  The McClellan Momentum and Oscillators [4] are quite near the zero positions, but a bit on the negative side.  The % stocks above the 50 day EMA is bullish in 50 - 70% range.  However, the % stocks above the 200 day EMA is above 70%, quite high.  

   

Gold / Gold miners:
THe price is definitely going sideways [1], the 150 day SMA is essentially flat.  The advance / decline line is in freefall and has been for some time.  Similar for Weinstein's momentum [3]. The % of mining stocks about their 50 and 200 day EMAs is roughly 15% for both time periods.  So this is all quite negative for miners.

   

Bitcoin / crypto breadth:
Bitcoin price is going sideways, the 150 day SMA has flattened out [1].  Not much to say on the other indicators except the %s of stocks above their 50 and 200 day EMAs.  These have been below the 30% level recently, for the 200 day EMA they have just popped above.  To me there is not a clear direction.