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Market Breadth: With this past week’s market fractional advance, our Bull/Bear Point and Figure Ratio at 1.59 declined from 1.83 last week, yet remained within bullish territory. The total count of securities in bullish or bearish patterns increased 3% to 3212. The count of bearish stocks increased 12%, 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 nine 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 178 points for the tenth decline in twenty-seven weeks. At a positive 446.95 points, it has fallen below the April 216 top, and continues below the October 2017 top and the July 2016 top, and continues above all remaining four tops, and continues above all five bottoms in the last 30 months.|
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 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 lower average daily volume.
|Momentum: The CCI(20) daily in a Woodie’s Up trend is now at +207.27, up from 5.01 last week. At Thursday 10/26 close, the CCI(20) daily was within the +/- 50 range for a ZLR (Zero Line Reject) Long entry signal at Friday 10/27 close. We will continue to follow this new 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-eight weeks ago, while the Daily CCI(20) began a Woodie’s up trend seven weeks ago.|
|The CCI(20) weekly at +155.79 fell slightly from +158.08 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: Some tech, S&P Retail, and Banking on top; Oil Services, Gold & Silver, and some tech on the bottom. Bullish: Semis PHLX and Comp Tech continue in the top five. S&P Retail and KBW Bank have entered the top five. Gold & Silver PHLX has continues in the bottom five. Oil Services continues to lead the bottom five. Brokers has left the bottom five. Bearish: Computer Hardware has entered the bottom five.|
|Focus this week: From www.zerohedge.com “”Both Cannot Be Right” – The Yield Curve’s Ominous Message: Something Is Very Broken“. The following are some key points and charts.
–Donald Pirl www.s2pmarketsignal.com
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