#WeeklyIndexCheck CW24/2022
Market Quadrant:
⦿ Trend: Confirmed Downtrend
⦿ Momentum: Negative & worsening
⦿ Breadth: Worsening but Oversold
⦿ Bias: Bearish on both long & short timeframes
⦿ Swing Confidence: 0% (all cash)
Market Quadrant:
⦿ Trend: Confirmed Downtrend
⦿ Momentum: Negative & worsening
⦿ Breadth: Worsening but Oversold
⦿ Bias: Bearish on both long & short timeframes
⦿ Swing Confidence: 0% (all cash)
Trend
⦿ Every index is in a confirmed downtrend
⦿ Last week's indices under Rally attempt (Auto, FMCG, MNC) went into confirmed downtrend
⦿ Last week's indices under Uptrend under pressure (PSE, Power, Energy) also went into confirmed downtrend
⦿ Every index is in a confirmed downtrend
⦿ Last week's indices under Rally attempt (Auto, FMCG, MNC) went into confirmed downtrend
⦿ Last week's indices under Uptrend under pressure (PSE, Power, Energy) also went into confirmed downtrend
Momentum
⦿ Almost all indices (including Nifty, CNX500, Midcap & Smallcap) have negative & worsening momentum.
⦿ Auto is the only index with some positive momentum, but that is also now worsening, & on the verge of becoming negative
⦿ Almost all indices (including Nifty, CNX500, Midcap & Smallcap) have negative & worsening momentum.
⦿ Auto is the only index with some positive momentum, but that is also now worsening, & on the verge of becoming negative
Swing
⦿ Nifty is now in confirmed downswing
⦿ Smallcap is also now in confirmed downswing
⦿ Swing Confidence now is 00. Long-only swing traders should be in all cash. No fresh trades.
⦿ Nifty is now in confirmed downswing
⦿ Smallcap is also now in confirmed downswing
⦿ Swing Confidence now is 00. Long-only swing traders should be in all cash. No fresh trades.
Breadth
⦿ Market breadth worsening further from last week's low levels.
⦿ Higher timeframes are deeply bearish, while lower timeframes are heavily oversold.
⦿ A technical bounce from here is quite probable.
⦿ Market breadth worsening further from last week's low levels.
⦿ Higher timeframes are deeply bearish, while lower timeframes are heavily oversold.
⦿ A technical bounce from here is quite probable.
Bias
The market is bearish for past 4 weeks, as the number of stocks up 25% plus in a quarter has been lesser than that down 25% plus in a quarter. Primary breadth ratio is now 0.15.
The short-term indicator of 13% up in 34 days is also negative for past 6 weeks.
The market is bearish for past 4 weeks, as the number of stocks up 25% plus in a quarter has been lesser than that down 25% plus in a quarter. Primary breadth ratio is now 0.15.
The short-term indicator of 13% up in 34 days is also negative for past 6 weeks.
That’s all for CW24/2022. If you'd like to read this as a newsletter, find it here:
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