|Sand 2 Pirls Market Commentary Subscriber email:|
Market Breadth: With this past week’s market advance, our Bull/Bear Point and Figure Ratio at 1.41 rose from 1.30 last week, advancing further into bullish territory. The total count of securities in bullish or bearish patterns decreased 1% to 3093. The count of bearish stocks decreased 6%, while the count of stocks in bullish patterns increased 2%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now one week in bullish territory. Paid subscribers have access to the OpenOffice Calc data from which the chart is generated.
|The well known market breadth indicator, the NASDAQ McClellan Summation Index (NASI) rose 25 points for the fourth advance in six weeks. At a positive 118.35 points, it continues below all seven tops above +100, and it continues above all five bottoms below -100 in the last 3 years.|
Volume Analysis: In this week’s volume analysis, the NASDAQ Composite Index ended in neither Accumulation nor Distribution mode with average daily volume higher than the prior week. In the last two weeks the NASDAQ had one (1) Accumulation day and two (2) Distribution days. (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 NASDAQ ended in neither Accumulation nor Distribution mode on lower average daily volume.
|Momentum: Now at +196.40, up from +177.35 last week and without dropping below +100 for the week, the CCI(20) daily Woodie’s CCI(20) up trend and ZLR Long trade simulation continues. At Friday 5/19 close after 2 days below zero, it formed a valid ZLR (Zero Line Reject) long entry signal for Monday 5/22 open. We will continue to follow this trade simulation in next weeks commentary.|
|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 fifty-seven weeks ago, while the Daily CCI(20) began a Woodie’s up trend twenty-eight weeks ago.|
|The CCI(20) weekly has risen to 175.91 from 161.57 last week. We await the return of the CCI(20) weekly to the +/-50 range for another trade.|
|Industry Rotation the last two weeks: All of the top five industries are positive and all of the bottom five are negative. Summary: Some tech on top; Oil Services, Oil, Gold & Silver, and Banks on the bottom. Bullish: Semis PHLX, Disk Drives continue in the top five. Networkers have entered the top five. Gold & Silver PHLX has entered the bottom five. Oil and Oil Services PHLX continue in the bottom five. Bearish: KBW Bank continues in the bottom five. REITs have left the top five.|
|Focus this week: From www.internationalman.com “They Killed Bitcoin 129 Times; Each Time, It Came Back Even Stronger” by Doug Casey. The following are some key points.
Additional recommended reading: “Bitcoin And Ether Cruise Past $61 Billion Valuation” by David Seaman
–Donald Pirl www.s2pmarketsignal.com
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