⦿ Most indices are in a confirmed uptrend. ⦿ Among major indices, Smallcap & NiftyJr are still in uptrend under pressure. ⦿ Media & Pharma are in a confirmed downtrend. ⦿ Auto & Consumption move down into uptrend under pressure.
Momentum
⦿ Most major indices (including Smallcap, Midcap & CNX500) have positive but worsening momentum. ⦿ Nifty & Banknifty still have positive & improving momentum. ⦿ Auto, FMCG Energy, Media & Power have negative & worsening momentum. ⦿ Long-term momentum will still take time to turn positive.
Swing
⦿ Nifty is in upswing under strain, while Smallcap is in early downswing. Both indices are in a weekly upswing. ⦿ Swing Confidence is 25. Long-only swing traders would be 25% invested, with 75% in cash. ⦿ Most indices are in or near an early downswing. Financials are still in confirmed upswing.
Breadth
⦿ Market breadth worsening on all timeframes. ⦿ Intermediate timeframes, instead of giving a fresh buy signal, are retreating down. ⦿ Higher timeframes turning bearish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 3rd consecutive week.
⦿ The intermediate 25% plus in a month stays positive for 19th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 18 consecutive weeks now.
Overall, the market is bullish for 18th 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 2.5, down from last week.
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