|Sand 2 Pirls Market Commentary Subscriber email:|
Market Breadth: With this past week’s market fractional decline, our Bull/Bear Point and Figure Ratio at 1.46 rose from 1.18 last week, advancing within bullish territory. The total count of securities in bullish or bearish patterns decreased 1% to 3084. The count of bearish stocks decreased 12%, while the count of stocks in bullish patterns increased 9%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now thirteen 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 91 points for the first advance in six weeks. At a positive 124.76 points, it continues below all seven tops in the last 30 months, 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 neither Accumulation nor Distribution mode with average daily volume lower than the prior week. In the last two weeks the NASDAQ had two (2) 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 Distribution mode on higher average daily volume.
|Momentum: The CCI(20) daily in a Woodie’s Up trend is now at 188.55, up from 94.21 last week. At Wednesday 11/15 close, the CCI(20) daily was within the +/- 50 range for a ZLR (Zero Line Reject) pivot and Long entry signal at Thursday 11/16 close. We will stay in the trade until the CCI(20) daily falls below +100.|
|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 eighty-two weeks ago, while the Daily CCI(20) began a Woodie’s up trend eleven weeks ago.|
|The CCI(20) weekly at +153.02, rose from +135.87 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.|
|IIndustry Rotation the last two weeks: All of the top five industries are positive and four of the bottom five are negative. Summary: Some tech and Retail on top; Oil, Oil Services, and REITs on the bottom. Bullish: Computer Hardware, Disk Drives, and Networkers continue in the top five. S&P Retail has entered the top five. KBW Bank has left the bottom five. Oil, and Oil Services have entered the bottom five. Bearish: REITs has entered the bottom five.|
|Focus this week: From www.DavidStockmansContraCorner.com “The Delirious Dozen of 2017“. The following are some key points.
–Donald Pirl www.s2pmarketsignal.com
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