|Sand 2 Pirls Market Commentary Subscriber email:|
Market Breadth: With this past week’s market advance, our Bull/Bear Point and Figure Ratio at 0.92 rose from 0.89 last week, advancing slightly, but still within bearish territory. The total count of securities in bullish or bearish patterns decreased 3% to 2632. The count of bearish stocks decreased 5%, while the count of stocks in bullish patterns decreased 1%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market now seven weeks in bearish 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 139 points for the eleventh advance in 22 weeks. At a positive 280.82 points, it has risen above the July 2017 to, continues below all remaining seven tops in the last 30 months, and continues above all five bottoms below -100 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 six (6) Accumulation days and one (1) Distribution day. (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 Accumulation mode on lower average daily volume.
|Momentum: At Monday 3/5 close, the CCI(20) daily in a Woodie’s Up trend within the +/-50 range formed a ZLR Long entry signal. At +79.14, down from +157.68 last week, it fell below +100 at Thursday 3/15 close, signaling our exit for Friday 3/16 open. The result of this trade simulation was a gain of 137.7602 points on the NASDAQ or $3.17 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 ninety-eight weeks ago, while the Daily CCI(20) began a Woodie’s up trend two weeks ago.|
|Following last week’s successful trade simulation, the CCI(20) rose this week to +132.79 from +124.27 last week, and continues outside the +/-50 range for a new ZLR Long entry signal.|
|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 on top; Gold & Silver, and KBW Bank on the bottom. Bullish: Semis PHLX, Disk Drives, Networkers, and Computer Hardware continue in the top five. Gold & Silver continues in the bottom five. Bearish: KBW Bank has entered the bottom five. Brokers has left the top five. Oil and Oil Services have left the bottom five.|
|Focus this week: From www.zerohedge.com “FANG + Apple Now Account For A Quarter Of The Nasdaq, And Some Are Getting Worried“. The following are some key points and charts.
–Donald Pirl www.s2pmarketsignal.com
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