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Market Breadth: With this past week’s market decline, our Bull/Bear Point and Figure Ratio at 1.15 fell from 1.36 last week, yet continues within bullish territory. The total count of securities in bullish or bearish patterns increased 3% to 2944. The count of bearish stocks increased 13%, while the count of stocks in bullish patterns decreased 5%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now ten weeks 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) fell 125 points for the fifth decline in fifteen weeks. At a positive 120.25 points, it continues below the six tops above +100, and it continues above all four 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 lower than the prior week. In the last two weeks the NASDAQ had two (2) Accumulation days and four (4) 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 higher average daily volume.
|Momentum: In a Woodie’s Up trend since Wednesday 7/19 close, the CCI(20) daily is now at 13.91, down from +55.79 last week. The CCI(20) daily is now within the +/-50 range for another ZLR (Zero Line Reject) Long entry signal, should it rise within the next few days.|
|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 sixty-six weeks ago, while the Daily CCI(20) began a Woodie’s up trend two weeks ago.|
|The CCI(20) weekly has fallen to +109.37, down from +133.27, last week. We await the return of the CCI(20) weekly to the +/-50 range for another CCI(20) weekly trade.|
|Industry Rotation the last two weeks: All of the top five industries are positive and all of the bottom five are negative. Summary: Oil, Banks, Brokers, and Retail on top; Some Tech on the bottom. Bullish: KBW Bank has left the bottom five. Brokers, KBW Bank, and S&P Retail have entered the top five. CompTech has left the bottom five. Gold & Silver PHLX has left the top five. Bearish: Computer Hardware and Disk Drives have left the top five and have entered the bottom five. Oil now leads the top five. Networkers has left the top five.|
|Focus this week: From www.zerohedge.com “The Real Dumb Money: Retail Investors Have Outperformed Hedge Funds By 300%“. The following are some key points and charts.
–Donald Pirl www.s2pmarketsignal.com
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