Uptrend under pressure. Momentum not only in negative territory but also worsening.
Auto & Power are the two indices still standing strong.
Market breadth has now cooled off from its overbought levels.
Trend
Most major indices are in uptrend under pressure.
⦿ Auto & Power are in confirmed uptrend. ⦿ Pharma, FMCG & Consumption are in downtrend.
Momentum
Major indices (Nifty, CNX500, Midcap & Smallcap) are in negative momentum that is also worsening.
⦿ Auto & Power indices are improving strength & momentum
⦿ While Banking indices are in negative momentum, they are gradually gaining strength.
Market Breadth
Market breadth cooling off from last week’s overbought levels. Higher timeframes retain bullish bias.
⦿ 85% → 51% above 20 SMA (neutral)
⦿ 79% → 66% above 50 SMA (positive)
⦿ 68% → 63% above 150 SMA (bullish bias)
⦿ 73% → 68% above 200 SMA (bullish bias)
% of stocks above/below 20& 50MA
The Ratio between stocks above & below 50MA is 2.02, while that for 20MA is 1.07. The 10-day cumulative ratio for stocks above 50MA is 2.34. A value >2 is good for swing trades on the long side.
20% up/down in 5 days
The number of stocks up 20% in past 5 days has now cooled down. A fresh bullish upthrust is awaited.
Stockbee Market Monitor
On a modified Stockbee market monitor, the 5-day cumulative ratio is 1.0 and the 10-DCR is 1.7. Value more than 2 keeps them green.
Number of stocks up 13% in 34 days stays in green, which shows that the short-term phase continues to be bullish.
Primary Breadth Ratio
Overall, the market is bullish till the number of stocks up 25% plus in a quarter is more than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which has once again failed to sustain double digits, & is now 6.8.
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