⦿ Most indices stay in uptrend under pressure. ⦿ Smallcap, IT & Pharma stay in a confirmed downtrend. ⦿ No index in a confirmed uptrend.
Momentum
⦿ Metal & Oil-&-Gas indices have positive & improving momentum. ⦿ Among major indices, Nifty, NiftyJR, CNX500, & Midcap have negative & worsening momentum. ⦿ Banknifty & Smallcap still have positive but worsening momentum.
Swing
⦿ Both Nifty & Smallcap are now in Downswing under strain. Both indices are in a weekly upswing. ⦿ Swing Confidence is 25. Long-only swing traders should now be trading with 1/4 position size. ⦿ Majority of indices are in a downswing under strain. Metals are in early upswing.
Breadth
⦿ Market breadth trying to regain strength on all timeframes. ⦿ Intermediate timeframes still to give 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 turns positive after only 1 negative week.
⦿ The intermediate 25% plus in a month is again positive after a neutral week & 23 positive weeks.
⦿ The long-term metric of stocks 25% plus in a quarter turns positive after only 1 negative week.
Overall, the market turns bullish after only 1 negative week, as the number of stocks up 25% plus in a quarter are again greater than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now 3.74, which is much better 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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