|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 1.34 fell from 1.46 last week, decliming within bullish territory. The total count of securities in bullish or bearish patterns increased 2% to 3141. The count of bearish stocks increased 7%, 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 fourteen 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 86 points for the second advance in seven weeks. At a positive 210.8 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 higher 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 neither Accumulation nor Distribution mode on lower average daily volume.
|Momentum: The CCI(20) daily in a Woodie’s Up trend is now at +25.17, down from +188.55 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. At Wednesday 11/29 close, it dropped below +100, so we exited the trade at Thursday 11/30 open. The result of this trade simulation was a gain of 58.35 points on the NASDAQ but a loss of $0.07 per share of QQQ.|
|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-three weeks ago, while the Daily CCI(20) began a Woodie’s up trend twelve weeks ago.|
|The CCI(20) weekly at +125.77, down from +153.02 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 four of the bottom five are negative. Summary: Brokers, Banks, Oil Services, and Retail on top; Some tech, Gold & Silver, and REITs on the bottom. Bullish: S&P Retail continues in the top five. KBW Bank and Brokers have entered the top five. Gold & Silver PHLX has entered the bottom five. Bearish: REITs continues in the bottom five. Computer Hardware, Disk Drives, and Networkers have left the top five. Semis PHLX, Computer Hardware, and Comp Tech have entered the bottom five. Oil Services has entered the top five.|
|Focus this week: With Bitcoin surging, we pause to consider the long view of things. in this analysis from www.medium.com/@rusty_lightning/ “The Three Economic Eras of Bitcoin“. The following are some key points.
–Donald Pirl www.s2pmarketsignal.com
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