⦿ Most indices are in an uptrend under pressure. FMCG & Consumption are in a confirmed uptrend. ⦿ IT, Media, Energy & PSE are in a confirmed downtrend. ⦿ Pharma is now in a rally attempt.
Momentum
⦿ Most indices are now have positive but worsening momentum ⦿ Pharma is the only index with positive & improving momentum ⦿ Long-term momentum will still take time to turn positive. ⦿ IT & Energy indices have negative & worsening momentum.
Swing
⦿ Both Nifty & Smallcap indices are in a Confirmed Downswing. Both indices are still in a weekly upswing. ⦿ Swing Confidence is now 0. Long-only swing traders should stay on the sidelines, & wait for better conditions. ⦿ Pharma & FMCG are the only indices in a confirmed upswing. All other indices are in Confirmed Downswing.
Breadth
⦿ Market breadth further worsening on both lower & intermediate timeframes. ⦿ Higher timeframes also turning bearish.
Bias
⦿ On a modified Stockbee market monitor, after staying positive for 12 consecutive weeks, the short-term indicator of 13% up in 34 days now turns negative. ⦿ The intermediate 25% plus in a month stays positive for 12th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 11 consecutive weeks now.
Overall, the market is bullish for 11th consecutive week, as the number of stocks up 25% plus in a quarter stays greater than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now down to 7.5.
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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