⦿ Most major indices remain in uptrend under pressure.
⦿ Only Metals & PSUbank are in confirmed uptrend.
⦿ Smallcap index goes in downtrend.
Momentum
⦿ No index is having positive & improving momentum
⦿ Most major indices (including Nifty, CNX500, Midcap, Smallcap) are in negative & worsening momentum
⦿ Only Power, Auto & PSUbank have positive momentum, but it is weakening
Market Breadth
While lower timeframes are oversold, intermediate to higher timeframes are now showing signs of a bearish bias.
⦿ 29% → 18% above 20 SMA (oversold)
⦿ 41% → 25% above 50 SMA (nearing oversold)
⦿ 52% → 44% above 150 SMA (bearish bias)
⦿ 58% → 51% above 200 SMA (bullish bias)
% of stocks above/below 20& 50MA
The Ratio between stocks above & below 50MA goes down to 0.3, while that for 20MA to 0.2. The 10-day cumulative ratio for stocks above 50MA is 0.5.
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 moved up the red line, and trying to provide a fresh bullish upthrust.
Stockbee Market Monitor
On a modified Stockbee market monitor, both the 5-day & 10-day cumulative ratios are 0.5. Value more than 2 keeps them green.
Number of stocks up 13% in 34 days has stayed red, which shows that we are in a short-term bearish phase.
No. of stocks up 25% in a month goes red, which is another bearish signal.
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 gone further down to 1.4.
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