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Market Breadth: With this past week’s market advance, our Bull/Bear Point and Figure Ratio at 1.75 rose from 1.21 last week, advancing further into bullish territory. The total count of securities in bullish or bearish patterns decreased slightly to 2949. The count of bearish stocks decreased 20%, while the count of stocks in bullish patterns increased 16%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now five 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 171 points for the fifteenth advance in twenty-three weeks. At a positive 491.14 points, it has risen above the February 2017, December 2016, and May 2016 highs, and continues above the July 2017 high and continues below the two 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 Accumulation mode with average daily volume higher than the prior week. In the last two weeks the NASDAQ had three (3) Accumulation days 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: The CCI(20) daily in a Woodie’s Up trend is now at 142.38, up from +28.36 last week. At Tuesday 9/26 close, the CCI(20) daily was within the +/- 50 range for a ZLR (Zero Line Reject) Long entry signal at Wednesday’s close and Thursday’s open. We will follow the results of this trade simulation in next week’s 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 seventy-four weeks ago, while the Daily CCI(20) began a Woodie’s up trend three weeks ago.|
|The CCI(20) weekly has fallen to +119.54 from +127.77 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, Brokers, and Disk Drives on top; Gold & Silver and REITs on the bottom. Bullish: KBW Bank and Brokers continue in the top five. Disk Drives has entered the top five. Gold & Silver PHLX continues in and leads the bottom five. Comp Tech and Computer Hardware have left the bottom five. Bearish: REITs continues in the bottom five.|
|Focus this week: From www.zerohedge.com “Eric Peters On Tipping Points: “It All Worked Incredibly Well, Until It Blew Up”“. The following are some key points.
–Donald Pirl www.s2pmarketsignal.com
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