#WeeklyIndexCheck CW43/2021
Uptrend under pressure. Smallcap, IT & Next-50 index losing momentum. FMCG & Consumption indices no longer in uptrend. Market breadth is quite weak.
Uptrend under pressure. Smallcap, IT & Next-50 index losing momentum. FMCG & Consumption indices no longer in uptrend. Market breadth is quite weak.
On Weekly RRG charts, compared to CNX500:
⦿ Realty still leading. Media, Energy & Infra gaining momentum.
⦿ IT finally exits the leading quadrant
⦿ Banks & Auto gaining momentum
⦿ Midcaps outperforming smallcaps
⦿ FMCG enters lagging quadrant
⦿ Realty still leading. Media, Energy & Infra gaining momentum.
⦿ IT finally exits the leading quadrant
⦿ Banks & Auto gaining momentum
⦿ Midcaps outperforming smallcaps
⦿ FMCG enters lagging quadrant
Market breadth oversold on short-term charts. Initiate short-term fresh longs when the 50MA count crosses above 50%.
⦿ 35% → 23% above 20 SMA (oversold)
⦿ 54% → 43% above 50 SMA (neutral)
⦿ 71% → 63% above 150 SMA (bullish bias)
⦿ 76% → 71% above 200 SMA (bullish bias)
⦿ 35% → 23% above 20 SMA (oversold)
⦿ 54% → 43% above 50 SMA (neutral)
⦿ 71% → 63% above 150 SMA (bullish bias)
⦿ 76% → 71% above 200 SMA (bullish bias)
The Ratio between stocks above & below 50MA is 0.79, while that for 20MA is 0.3. Bulls would like to see the green line cross above the red one both the 20-MA & 50-MA charts.
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