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Market Breadth: With this past week’s market decline, our Bull/Bear Point and Figure Ratio at 1.09 fell from 1.17 last week, declining, yet remaining within bullish territory. The total count of securities in bullish or bearish patterns increased 1% to 2916. The count of bearish stocks increased 5%, while the count of stocks in bullish patterns decreased 2%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now two 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) rose 103 points for the twelfth advance in twenty weeks. At a negative 60.38 points, it continues below the six tops above +100, has risen above the April 2017 bottom, and continues above all four remaining 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 six (6) Accumulation days and one (1) Distribution day. (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 also, the NASDAQ ended in neither Accumulation nor Distribution mode on higher average daily volume.
|Momentum: On Thursday /7, the CCI(20) had 6 days above zero to begin a Woodie’s Up trend. The CCI(20) daily is now at +59.94, down from +155.92 last week. We wait for the CCI(20) daily to return to the +/- 50 range for a 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 seventy-one weeks ago, while the Daily CCI(20) began a Woodie’s up trend this past week.|
|The CCI(20) weekly has fallen to +108.90, down slightly from +109.99 last week when it formed a ZLR (Zero Line Reject) Long entry signal for Tuesday 9/5 open. Our rule is to stay in the trade until the CCI(20) drops below +100. We will follow the result of this trade simulation in next week’s commentary.|
|Industry Rotation the last two weeks: All of the top five industries are positive and all of the bottom five is negative. Summary: S&P Retail, Oil Services, and Gold & Silver on top; KBW Bank, Brokers, and some Tech on the bottom. Bullish: S&P Retail has entered the top five. REITs has left the bottom five. Bearish: KBW Bank continues in and now leads the bottom five. Networkers continues in the bottom five. Gold & Silver PHLX continues to lead the top five. Disk Drives and Semis PHLX have left the top five.|
|Focus this week: From www.realinvestmentadvice.com “Signs, Signs, Everywhere A Sign 09-08-17” by Lance Roberts
–Donald Pirl www.s2pmarketsignal.com
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