⦿ Most indices are now in uptrend under pressure. ⦿ Smallcap index falls 8% in a week to enter a confirmed downtrend. ⦿ No index in a confirmed uptrend.
Momentum
⦿ All indices have worsening momentum. ⦿ Among major indices, NiftyJR, CNX500 & Midcap have negative & worsening momentum. ⦿ Nifty, Banknifty & Smallcap still have positive but worsening momentum.
Swing
⦿ Both Nifty & Smallcap are now in Confirmed downswing. Both indices are still in a weekly upswing. ⦿ Swing Confidence is 0. Long-only swing traders would be in all-cash now. ⦿ Majority of indices are in a confirmed downswing.
Breadth
⦿ Market breadth now quite weak on all timeframes. ⦿ Lower timeframes are oversold, so a technical bounce is highly probable. ⦿ Higher timeframes also turn bearish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days turns negative after 7 positive weeks.
⦿ The intermediate 25% plus in a month turns neutral after 23 positive weeks.
⦿ The long-term metric of stocks 25% plus in a quarter turns negative after 22 positive weeks.
Overall, the market turns bearish after 22 positive weeks, as the number of stocks up 25% plus in a quarter are now lesser than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now 0.59, which is much lesser than last week.
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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