Subscriber email sent 5-17-13:
Market Breadth: With this past week’s market rise, our Bull/Bear Point and Figure Ratio rose from 2.10 to 2.39, advancing further to strongly bullish territory. The total count of securities in bullish or bearish patterns increased 5% to 2441. The count of bearish stocks decreased 4%, while the count of stocks in bullish patterns increased 9%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now twenty-four consecutive weeks in 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) rose 166 points for the eighteenth rise in thirty-four weeks. At a positive 609.67 points, it remains above the September 2012 top, yet continues below the February 2013 top, the September 2012 top, the February 2012 top, the November 2010 top, and the January 2011 top, yet is above above the November 2011 top, the July 2012 top, the June 2010 bottom, the March 2011 bottom, the June 2011 bottom, the August 2011 bottom, the December 2011 bottom, the March 2012 bottom, and the November 2012 bottom.|
|Market Gauge Volume Analysis
In this week’s volume analysis the Russell 2000 ended in neither Accumulation nor Distribution mode. In the last two weeks it had six (6) Accumulation days and zero (0) Distribution days. Of the other indexes, the S&P 500 Deposit Receipts ended in Accumulation mode, while the Diamonds Trust 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 200 also ended in Accumulation mode.
|Momentum: With the CCI(20) daily at 117.25, we continue outside the +/-50 range for a valid ZLR (Zero Line Reject) Long entry signal.|
|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 a Woodie’s up trend fourteen weeks ago, while the Daily CCI(20) began a Woodie’s up trend nine weeks ago.|
|The CCI(20) weekly now has 20 weeks above zero and began a Woodie’s up trend 14 weeks ago. At 230.64 it continues outside the +/-50 range for a valid ZLR signal.|
|Industry Rotation the last two weeks: All of the top five industries are positive, and only one of the bottom five industries are negative. Bullish: Brokers and Networkers continue in the top five with Networkers now leading. Banks has entered the top five. Gold and Silver PHLX continues in and now leads the bottom five. Bearish: Disk Drives has entered the bottom five. Semis PHLX and Computer Hardware have left the top five.|
|Focus this week: As the meltdown in Washington and beyond continues, some ask "Are we on the threshold of the promised land?" Will the financial power truly be returned to the people? Even if important victory has been won, there is no doubt we will need to be ever vigilant. POOF for May 19, 2013: The Promised Land|
–Donald Pirl www.s2pmarketsignal.com
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