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Market Breadth: With this past week’s market advance, our Bull/Bear Point and Figure Ratio at 1.21 fell slightly from 1.28 last week, maintaining its bullish territory. The total count of securities in bullish or bearish patterns increased to 2964. The count of bearish stocks increased 6%, while the count of stocks in bullish patterns increased fractionally. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now four 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 174 points for the fourteenth advance in twenty-two weeks. At a positive 320.63 points, it has risen above the July 2017 high and continues below the five remaining tops above +100, and 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 lower than the prior week. In the last two weeks the NASDAQ had three (3) 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 the NASDAQ ended in Accumulation mode on higher average daily volume.
|Momentum: The CCI(20) daily in a Woodie’s Up trend is now at +28.36, down from +85.90 last week. The CCI(20) daily is now within the +/- 50 range for a ZLR (Zero Line Reject) Long entry signal, should it rise next week.|
|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-three weeks ago, while the Daily CCI(20) began a Woodie’s up trend two weeks ago.|
|The CCI(20) weekly has fallen to +127.77 from +148.67 last week after forming 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 continue to 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 are negative. Summary: Oil Services, Oil, KBW Bank, and Brokers on top; Gold & Silver, REITs, and some Tech on the bottom. Bullish: KBW Bank and Brokers have entered the top five. Gold & Silver PHLX has entered the bottom five. Networkers have left the bottom five. Bearish: Comp Tech continues in the bottom five. Computer Hardware has entered the bottom five.|
|Focus this week: From www.zerohedge.com “An Insider’s View Of The Bitcoinization Of Venezuela“. We recommend you view the short video at the zerohedge.com link. Some key points are the following.
–Donald Pirl www.s2pmarketsignal.com
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