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Market Breadth: With this past week’s market fractional decline, our Bull/Bear Point and Figure Ratio at 1.34 was unchanged from 1.34 last week, remaining within bullish territory. The total count of securities in bullish or bearish patterns decreased 2% to 3086. The count of bearish stocks decreased 2%, 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 fifteen 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 74 points for the sixth decline in eight weeks. At a positive 137.00 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 three (3) 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 higher average daily volume.
|Momentum: The CCI(20) daily in a Woodie’s Up trend is now at +53.4, up from +25.17 last week. At Wednesday 12/6 close, the CCI(20) daily was within the +/- 50 range for a ZLR (Zero Line Reject) pivot and Long entry signal at Thursday 12/7 close. We will continue to follow 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 eighty-four weeks ago, while the Daily CCI(20) began a Woodie’s up trend thirteen weeks ago.|
|The CCI(20) weekly at +108.27, down from +125.77 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: Brokers, Banks, and Oil Services on top; Some tech, and Gold & Silver on the bottom. Bullish: KBW Bank and Brokers continue in the top five. Gold & Silver PHLX continues in the bottom five. REITs has left the bottom five. Bearish: Semis PHLX, Disk Drives, and Comp Tech continue in the bottom five. Oil Services continues in the top five. S&P Retail has left the top five.|
|Focus this week: From www.zerohedge.com “Crypto-Cornucopia Part 4 – “Without It, You’re Talking Mad Max”“. In order to more fully understand the new crypto currency and crypto token world we’re rapidly headed into, we highly recommend reading this entire article as well as the three articles preceding it in the series. Below links to the previous three article parts are a few highlights of the fourth and final article in the series.
–Donald Pirl www.s2pmarketsignal.com
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