⦿ Most indices stay in uptrend under pressure. ⦿ Smallcap, IT & Pharma stay in a confirmed downtrend. ⦿ Metal is the only index in a confirmed uptrend.
Momentum
⦿ Metal & IT indices now have positive & improving momentum. ⦿ Almost all major indices have negative & worsening momentum. ⦿ PSUbank index has positive but worsening momentum.
Swing
⦿ Both Nifty & Smallcap are now in a downswing under strain. Both indices are still in a weekly upswing. ⦿ Swing Confidence is 25. Long-only swing traders would be 25% invested now. ⦿ Metal, Auto, Power & PSE indices are in confirmed upswing.
Breadth
⦿ Market breadth slightly better than last week. ⦿ Intermediate timeframes still to give a buy signal. ⦿ Higher timeframes stay bullish.
Bias
Difference between new 52-week highs & lows gives us Net New Highs.
⦿ Three consecutive positive days of net 52-week highs give us a positive bias towards the market which is then considered favourable to trading. Conversely, 3 consecutive negative days of net 52-week highs give us a negative bias towards the market, which is then considered unfavourable to trading.
⦿ The daily bias should confirm with the latest weekly net highs.
⦿ If either of the above 2 conditions are not satisfied, the bias is termed as being sideways.
⦿ Currently, the bias is bullish.
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.
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