⦿ Most indices are now in a confirmed uptrend. ⦿ CNX500, Auto & Metal indices enter a confirmed uptrend. ⦿ Media & Energy are in a confirmed downtrend. ⦿ IT & Pharma are in a rally attempt.
Momentum
⦿ Most major indices (including Nifty, Midcap, Banknifty & CNX500) have positive & improving momentum ⦿ Smallcap & PvtBank still have positive but worsening momentum. ⦿ Consumption & FMCG have negative & worsening momentum. ⦿ Long-term momentum will still take time to turn positive.
Swing
⦿ Both Nifty & Smallcap index stay in Confirmed Upswing. Both indices are in a weekly upswing. ⦿ SwingConfidence stays at 100. Long-only swing traders would be all-in now. ⦿ Most indices are also in a confirmed upswing.
Breadth
⦿ Market breadth improving on all timeframes. ⦿ Intermediate timeframes very close to a fresh buy signal. ⦿ Higher timeframes are now bullish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days now turns positive after 3 red weeks.
⦿ The intermediate 25% plus in a month stays positive for 17th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 16 consecutive weeks now.
Overall, the market is bullish for 16th 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 4.1.
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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