#WeeklyIndexCheck CW26/2022
Market Quadrant:
⦿ Trend: Confirmed Downtrend
⦿ Momentum: Negative but improving
⦿ Breadth: Weak but improving
⦿ Bias: Bearish on both long & short timeframes
⦿ Swing Confidence: 25 (Upswing under strain)
Market Quadrant:
⦿ Trend: Confirmed Downtrend
⦿ Momentum: Negative but improving
⦿ Breadth: Weak but improving
⦿ Bias: Bearish on both long & short timeframes
⦿ Swing Confidence: 25 (Upswing under strain)
Trend:
We are in a confirmed downtrend for the 10th consecutive week now. During the 2020 crash & 2015-16 bear market, we had maximum 9 such consecutive weeks. Auto index, Consumption, FMCG & MNC are in a rally attempt. Everything else is deep red.
We are in a confirmed downtrend for the 10th consecutive week now. During the 2020 crash & 2015-16 bear market, we had maximum 9 such consecutive weeks. Auto index, Consumption, FMCG & MNC are in a rally attempt. Everything else is deep red.
Momentum:
This is the 32nd consecutive week of negative momentum. Majority of indices (including Nifty, CNX500, Midcap & Smallcap) now have negative but improving momentum. Auto is the only index with positive & improving momentum.
This is the 32nd consecutive week of negative momentum. Majority of indices (including Nifty, CNX500, Midcap & Smallcap) now have negative but improving momentum. Auto is the only index with positive & improving momentum.
Swing:
Both Nifty & Smallcap are now in Upswing under strain. Swing Confidence now is 25. Long-only swing traders can take selective fresh trades with a 0.25% CAR. Conservative approach would be to still wait till we close above 15928, which would signal a confirmed upswing.
Both Nifty & Smallcap are now in Upswing under strain. Swing Confidence now is 25. Long-only swing traders can take selective fresh trades with a 0.25% CAR. Conservative approach would be to still wait till we close above 15928, which would signal a confirmed upswing.
Breadth:
Market breadth somewhat further improved from last week's low levels. Lower timeframes are still awaiting a fresh buy signal, & higher timeframes are still bearish.
Market breadth somewhat further improved from last week's low levels. Lower timeframes are still awaiting a fresh buy signal, & higher timeframes are still bearish.
Bias:
Short-term indicator of 13% up in 34 days stays negative for past 8 weeks, & the long-term metric of stocks 25% plus quarter is now negative for past 6 weeks.
Overall, the market is bearish for past 6 weeks, as the primary breadth ratio is 0.23.
Short-term indicator of 13% up in 34 days stays negative for past 8 weeks, & the long-term metric of stocks 25% plus quarter is now negative for past 6 weeks.
Overall, the market is bearish for past 6 weeks, as the primary breadth ratio is 0.23.
That’s all for CW26/2022. If you'd like to read this as a newsletter, find it here:
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