|Sand 2 Pirls Market Commentary Subscriber email:|
Market Breadth: With this past week’s market decline, our Bull/Bear Point and Figure Ratio at 0.72 fell from 1.15 last week, and is now in bearish territory. The total count of securities in bullish or bearish patterns increased 6% to 3108. The count of bearish stocks increased 32%, while the count of stocks in bullish patterns decreased 17%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now one week in bearish 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 180 points for the sixth decline in sixteen weeks. At a negative 95.87 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 zero (0) Accumulation days and six (6) 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: In a Woodie’s Up trend since Wednesday 7/19 close, the CCI(20) daily is now at -225.46, down from 13.91last week. The CCI(20) daily has 3 days below zero and is outside the +/-50 range for another 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 sixty-seven weeks ago, while the Daily CCI(20) began a Woodie’s up trend three weeks ago.|
|The CCI(20) weekly has fallen to +77.64, down from +109.37 last week. We await the return of the CCI(20) weekly to the +/-50 range for another CCI(20) ZLR weekly trade.|
|Industry Rotation the last two weeks: Two of the top five industries are positive and all of the bottom five are negative. Summary: Some Tech and Gold & Silver on top; Some Tech and Oil Services on the bottom. Bullish: CompTech and Disk Drives have entered the top five. Oil Services leads the bottom five. Oil has left the top five. Bearish: Computer Hardware has entered the bottom five. Brokers, KBW Bank, and S&P Retail have left the top five. Gold & Silver PHLX has re-entered the top five.|
|Focus this week: From www.moneymetals.com “Is the Yellen Fed Planning to Sabotage Trump’s Presidency?” The following are some key points.
–Donald Pirl www.s2pmarketsignal.com
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