⦿ As 4 out of 5 broad indices have moved up, we shift the current status to a confirmed uptrend. Only Microcap 250 index is in an uptrend under pressure.
⦿ All sectoral/thematic indices are also in a confirmed uptrend.
⦿ Not even a single index is in downtrend.
Momentum → Positive & improving
⦿ Most of the broad market indices & majority of the sectoral indices have positive & improving momentum.
⦿ Microcap & Realty are the only indices with positive but worsening momentum.
⦿ Media is the only index with negative & worsening momentum.
Swing → Confirmed Upswing
⦿ Majority of indices are in a confirmed upswing. Media is in a confirmed downswing.
⦿ Both Nifty & Smallcap 100 are in a confirmed upswing, Swing Confidence is 100, which means that the portfolio can take the maximum permissible open risk.
⦿ Swing Temperature is warm, which means that new swing positions should be avoided or be taken with smaller sizes, & trailing stoplosses be tightened.
Breadth → Strong but nearing overbought
⦿ Breadth as per moving averages: As % of stocks above both 10-day & 20-day MA stay above 50, so the breadth is even stronger than last week. With the % of stocks above 50-day MA approaches 80, we’ll go nearer to an overbought state. The % of stocks above 200-day MA is in the sustainably bullish 80+ range.
⦿ Net breadth as per 4% advance & decline is positive.
⦿ Market breadth volume is now hovering near 0.5.
Bias → Positive
Currently, the bias is positive.
⦿ Majority of indices have stayed above the 50-day MA for past 3 consecutive days.
⦿ Net New Highs have stayed positive for past 3 consecutive days.
⦿ On lower timeframes, the 65-day & 20-day NNH are positive for past 3 consecutive days.
⦿ While the indices are moving up, the 52-week NNH are lagging behind.
That’s all for this week. If you'd like to know when I publish something new, just subscribe to my newsletter and you'll get the latest sent direct to you.
.png?disposition=attachment)
