Uptrend under pressure. Momentum not only in negative territory but also worsening.
PSUbank, Auto & Power are only indices still standing strong.
Market breadth worsening on all timeframes.
Trend
Most major indices are in uptrend under pressure.
⦿ PSUbank, Auto & Power indices 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
⦿ PSUbank is gaining strength, & is at the verge of moving into positive momentum.
Market Breadth
Market breadth nearing oversold on lower timeframes. Higher timeframes still manage to retain bullish bias.
⦿ 51% → 28% above 20 SMA (nearing oversold)
⦿ 66% → 53% above 50 SMA (buy signal)
⦿ 63% → 55% above 150 SMA (bullish bias)
⦿ 68% → 62% above 200 SMA (bullish bias)
% of stocks above/below 20& 50MA
The Ratio between stocks above & below 50MA is 1.1, while that for 20MA is 0.5. The 10-day cumulative ratio for stocks above 50MA is also down to 1.35. 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 is now less than the number of stocks down 20% in past 5 days. A fresh bullish upthrust is awaited.
Stockbee Market Monitor
On a modified Stockbee market monitor, the 5-day cumulative ratio is 0.4 and the 10-DCR is 0.7. 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 now is 3.8.
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