Subscriber email sent 4-22-12:
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Market Breadth: With last week’s market fractional decline, our Bull/Bear Point and Figure Ratio remained virtually unchanged falling from 1.03 to 1.02, again barely remaining in bullish territory. The total count of securities in bullish or bearish patterns fell fractionally to 2154. The count of bearish stocks increased fractionally, while the count of stocks in bullish patterns decreased fractionally. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market on the verge of losing its bullish territory. Paid subscribers have access to the Excel data from which the image to the left is built.
The well known market breadth indicator, the Nasdaq McClellan Summation Index (NASI) fell 97 points. At -266, it continues below the January 2011 top and the November 2011 top, the July 2011 top, and has now fallen below the March 2011 bottom.
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| In this week’s volume analysis the Russell 2000 ended in neither Accumulation nor Distribution mode. In the last two weeks it had two (2) Accumulation days and four (4) Distribution days. Of the other indexes, both the Diamonds Trust and the S&P 500 Deposit Receipts ended in neither Accumulation nor Distribution mode. (Accumulation days are counted when the index closes up on higher volume than the prior day while Distribution days occur when the index closes down on volume higher than the prior market day.) Last week the Russell 2000 also ended the week in neither Accumulation nor Distribution mode. |
Momentum: As expected in last week commentary, at Monday 4/16 close, the CCI(20) daily had 6 consecutive days below zero, resulting in the beginning of a Woodie’s down trend. We now wait for the CCI(20) to enter the +/-50 range for a valid ZLR (Zero Line Reject) entry point. |
| In Woodie’s CCI trading system, six consecutive bars above or below zero are required for a change of trend. The weekly CCI(20) of the Nasdaq Composite Index began an up trend twenty weeks ago. The Daily CCI(20) began a Woodie’s down trend this week. |
With the CCI(20) weekly now at 63.71, we continue to wait for it to drop back to the +/-50 range required for a valid ZLR (Zero Line Reject) entry signal. |
Industry Rotation the last two weeks: All of the top five industries are positive and all the bottom five are negative. Bullish: REITs (DJR) hs entered and leads the top five. Brokers (XBD), and Networkers (NWX) have left the bottom five. Bearish: Disk Drives (DDX), Comp Tech (XCI), and Semis (SOX) have entered the bottom five. Comp Tech (XCI) and S&P Retail (RLX) have left the top five. Oil (XOI) has left the bottom five. |
–Donald Pirl www.s2pmarketsignal.com
S2P Market Signal Commentary may be freely forwarded and otherwise distributed providing content is unchanged and authorship acknowledged.
© 2012 Sand2Pirls, Inc. All rights reserved. [Terms and Conditions/Disclaimer ] 
5-11-12 Market Commentary
Subscriber email sent 5-12-12:
The well known market breadth indicator, the Nasdaq McClellan Summation Index (NASI) fell 124 points. At -367, it continues below the January 2011 top and the November 2011 top, the July 2011 top, remains above the March 2011 bottom, but is approaching the December 2011 bottom.
–Donald Pirl www.s2pmarketsignal.com
S2P Market Signal Commentary may be freely forwarded and otherwise distributed providing content is unchanged and authorship acknowledged.

© 2012 Sand2Pirls, Inc. All rights reserved. [Terms and Conditions/Disclaimer ]