#WeeklyIndexCheck - Slowing down
Long-term uptrend intact, but momentum is weakening.
CNXSMALLCAP, CNXMIDCAP & CNX500 are outperforming NIFTY. All are in an uptrend, but Nifty & CNX500 (and to an extent, CNXMIDCAP also) are showing weakening of momentum.
Long-term uptrend intact, but momentum is weakening.
CNXSMALLCAP, CNXMIDCAP & CNX500 are outperforming NIFTY. All are in an uptrend, but Nifty & CNX500 (and to an extent, CNXMIDCAP also) are showing weakening of momentum.
On Weekly RRG charts, compared to CNX500, indices which are leading/improving & gaining relative momentum:
⦿ Realty
⦿ IT
⦿ Smallcap
⦿ FMCG
⦿ Consumption
⦿ Metals are still in the weakening quadrant, but the momentum is back
⦿ Pharma is no longer outperforming Nifty
⦿ Realty
⦿ IT
⦿ Smallcap
⦿ FMCG
⦿ Consumption
⦿ Metals are still in the weakening quadrant, but the momentum is back
⦿ Pharma is no longer outperforming Nifty
Lower timeframes are now seeing a cooling down of their previously overbought market breadth:
⦿ From 55% → 46% above 20 SMA (neutral)
⦿ From 71% → 64% above 50 SMA (neutral)
⦿ From 84% → 83% above 150 SMA (bullish bias)
⦿ From 86% → 84% above 200 SMA (bullish bias)
⦿ From 55% → 46% above 20 SMA (neutral)
⦿ From 71% → 64% above 50 SMA (neutral)
⦿ From 84% → 83% above 150 SMA (bullish bias)
⦿ From 86% → 84% above 200 SMA (bullish bias)
The Ratio between stocks above & below 50MA is 2.67, which is marginally lower than that of last week. This is much lower than the extended values of 17 & 20 seen in June & January respectively.
% of stocks having weekly CCI(34) > 100 is gradually decreasing, but still 56%, & assures an overall healthy market breadth.
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