⦿ Trend: Rally Attempt

⦿ Momentum: Negative & worsening

⦿ Breadth: Higher timeframes weakly bullish, lower timeframes no longer overbought

⦿ Bias: Bullish on both long-term & short-term

⦿ Most major indices (including Midcap, Smallcap, CNX500, Banknifty) in rally attempt

⦿ After a failed rally attempt, Nifty & Realty join IT in outright downtrend

⦿ Power, PSUbank, Media, Commodities, PSE, Energy & Metal in confirmed uptrend

⦿ Both Nifty & CNX500 now have negative & worsening momentum, along with Banks, Realty & Pharma. 

⦿ Midcaps & Smallcaps still have improving momentum

⦿ Metals & Media take a breather

Market breadth weakening on all timeframes.Higher timeframes have weak bullish bias, while lower timeframes are no longer overbought.

⦿ 81% → 65% above 20 MA (neutral)

⦿ 74% → 71% above 50 MA (neutral)

⦿ 57% → 53% above 150 MA (bullish bias)

⦿ 58% → 55% above 200 MA (bullish bias)

The Ratio between stocks above & below 50MA is 2.9, while that for 20MA is 2. 

The 10-day cumulative ratio for stocks above 50MA is 1.99 now. A value >2 is good for swing trades on the long side.

The 10-day cumulative ratio between stocks up & down 4% in a day had been rising continuously & has now cooled down to reach its comfort value of 2.

On a modified Stockbee market monitor, both the short-term indicator of 13% up in 34 days & the long-term metric of stocks 25% plus quarter stay positive.

Overall, the market is bullish, as the number of stocks up 25% plus in a quarter is greater than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now 3.8.

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