#WeeklyIndexCheck CW02/2022
Confirmed Uptrend. Momentum still in negative territory but rapidly improving.
Most indices in the green. Pharma, Banknifty & FMCG in rally attempt. No index in downtrend.
Market breadth has now reached overbought levels.
Confirmed Uptrend. Momentum still in negative territory but rapidly improving.
Most indices in the green. Pharma, Banknifty & FMCG in rally attempt. No index in downtrend.
Market breadth has now reached overbought levels.
On Weekly RRG charts, compared to CNX500:
⦿ IT stays the market leader.
⦿ Smallcap, Pharma & Metals improving strength & momentum.
⦿ PSUbanks join Infra, Energy & Media in the weakening quadrant.
⦿ FMCG improving momentum but lacks strength
⦿ IT stays the market leader.
⦿ Smallcap, Pharma & Metals improving strength & momentum.
⦿ PSUbanks join Infra, Energy & Media in the weakening quadrant.
⦿ FMCG improving momentum but lacks strength
Market breadth strong on all timeframes. Higher timeframe improving bullish bias. Shorter timeframes are now overbought.
⦿ 77% → 85% above 20MA (overbought)
⦿ 69% → 79% above 50MA (overbought)
⦿ 63% → 68% above 150MA (bullish bias)
⦿ 69% → 73% above 200MA (bullish bias)
⦿ 77% → 85% above 20MA (overbought)
⦿ 69% → 79% above 50MA (overbought)
⦿ 63% → 68% above 150MA (bullish bias)
⦿ 69% → 73% above 200MA (bullish bias)
The Ratio between stocks above & below 50MA is 4.1, while that for 20MA is 6.9.
The 10-day cumulative ratio for stocks above 50MA is 1.76. A value >2 is good for swing trades on the long side.
The 10-day cumulative ratio for stocks above 50MA is 1.76. A value >2 is good for swing trades on the long side.
The number of stocks up 20% in past 5 days continues to be in strong bullish upthrust. Conducive environment for swing trades. A breather is due.
On a modified Stockbee market monitor, the 5-day cumulative ratio is 3.2 and the 10-DCR is 4.3. Value more than 2 keeps them green.
Number of stocks up 13% in 34 days stays in green, which shows that the short-term phase continues to be bullish.
Number of stocks up 13% in 34 days stays in green, which shows that the short-term phase continues to be bullish.
Overall, the market is bullish till the number of stocks up 25% plus in a quarter is more than that down 25% plus in a quarter.
The ratio between the two is the primary breadth ratio, which is 9.9 now, & has finally broken out above the levels of past 6 months.
The ratio between the two is the primary breadth ratio, which is 9.9 now, & has finally broken out above the levels of past 6 months.
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