#WeeklyIndexCheck CW46/2021
Uptrend under pressure.
Momentum lost in most major indices, including Nifty, Midcaps, Smallcaps, CNX500, Banknifty.
Pharma, FMCG, consumption are in downtrend.
Market breadth worsening.
Uptrend under pressure.
Momentum lost in most major indices, including Nifty, Midcaps, Smallcaps, CNX500, Banknifty.
Pharma, FMCG, consumption are in downtrend.
Market breadth worsening.
On Weekly RRG charts, compared to CNX500:
⦿ Realty & Media still the strongest
⦿ Autos continue gaining momentum
⦿ PSUbank index enters the leading quadrant
⦿ SMallcap index enters the lagging quadrant
⦿ Realty & Media still the strongest
⦿ Autos continue gaining momentum
⦿ PSUbank index enters the leading quadrant
⦿ SMallcap index enters the lagging quadrant
Market breadth worsening on all timeframes.
⦿ 54% → 35% above 20 SMA (no fresh buys)
⦿ 56% → 41% above 50 SMA (no fresh buys)
⦿ 68% → 60% above 150 SMA (bullish bias)
⦿ 74% → 69% above 200 SMA (bullish bias)
⦿ 54% → 35% above 20 SMA (no fresh buys)
⦿ 56% → 41% above 50 SMA (no fresh buys)
⦿ 68% → 60% above 150 SMA (bullish bias)
⦿ 74% → 69% above 200 SMA (bullish bias)
The Ratio between stocks above & below 50MA has reduced to 0.7, while that for 20MA to 0.5. The 10-day cumulative ratio for stocks above 50MA is 1.05. A value >2 is good for swing trades on the long side.
The number of stocks up 20% in past 5 days made another unsuccessful attempt at a bullish thrust, but ended up making a lower high. For good swing trades, we need this number to stay up for a couple of days, as it did in the first half of October.
On a modified Stockbee market monitor, 10-day cumulative ratio is 1.6. Number of stocks-up-13%-in-34-days is now in the red, which shows that the market is in a short-term bearish phase.
Many thanks to Pradeep Bonde for letting me adapt this for Indian markets.
Many thanks to Pradeep Bonde for letting me adapt this for Indian markets.
Overall, the market is bullish till the number of stocks up 25% plus in a quarter is more than the number of stocks down 25% plus in a quarter. Ratio between the two is the primary breadth ratio, which is currently 3.6 (from 6.7), & has been in single digits since August 2021.
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