Market Breadth Update
Bullish Percent
NYSE & Nasdaq Bullish Percent Indexes remain in a column of Os with a middle field position, so is on Defense i.e the playbook in this area of the field is:
- Reduced equity exposure
- Raise cash levels
- Hold strong RS sectors
- Sell weak RS sectors
- Hold leaders (strong RS) stocks
- Sell laggards (weak RS) stocks etc
NYSE and Nasdaq Advance Decline Lines
The cumulative lines for both remain below their 50 day MAs currently. The McClellan Oscillators have pulled back to neutral- zone with a series of higher lows and the McClellan Summation Indexes are below their zero lines.
US New Highs - New Lows
Nasdaq new lows has picked up relative to the new highs, but overall combined remains slightly positive currently. Hence I'd give this a neutral rating towards the weight of evidence at the moment.
Percentage of Stocks Above 20 Day EMA in the Nasdaq, NYSE, S&P 500 and S&P 600 Small Caps
Higher lows compared to last weeks swing low (20th Sept) with Small Caps showing the most relative strength with 58% above their 20 Day EMA versus 17% last week
Effective volume
$QQQ Effective volume from http://effectivevolume.com/content.php?156-etf-review which separates the larger player (institutional) volume from the smaller player (individuals) volume
Subtle divergence with large player volume flat since 20th Sept swing low & smaller player volume still declining
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.