⦿ Most indices are in an uptrend under pressure. FMCG is in a confirmed uptrend. ⦿ IT, Media, Energy & PSE are in a confirmed downtrend. ⦿ Pharma is in a rally attempt.
Momentum
⦿ Most indices have positive but worsening momentum. ⦿ Pharma, IT & Media have positive & improving momentum.
⦿ Auto, Power & Energy have negative & worsening momentum.
Swing
⦿ Smallcap index in an Early Upswing, while Nifty is in Downswing under strain. Both indices are in a weekly upswing. ⦿ Swing Confidence is now 25. Long-only swing traders should be taking selective fresh trades now. ⦿ Pharma, IT, Media & MNC are the only indices in a confirmed upswing. All other indices are in Downswing under strain.
Breadth
⦿ Market breadth improving on all timeframes. ⦿ Intermediate timeframes giving a fresh buy signal. ⦿ Higher timeframes are back to being bullish.
Bias
⦿ On a modified Stockbee market monitor, after staying negative for just 1 week, the short-term indicator of 13% up in 34 days now turns positive.
⦿ The intermediate 25% plus in a month stays positive for 13th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 12 consecutive weeks now.
Overall, the market is bullish for 12th 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 11.7.
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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