#WeeklyIndexCheck CW02/2023
Market Quadrant
⦿ Trend: Uptrend under pressure
⦿ Momentum: Negative & Worsening
⦿ Breadth: Weak but strengthening
⦿ Bias: Bullish
⦿ Swing Confidence: 25
Market Quadrant
⦿ Trend: Uptrend under pressure
⦿ Momentum: Negative & Worsening
⦿ Breadth: Weak but strengthening
⦿ Bias: Bullish
⦿ Swing Confidence: 25
Trend
⦿ Most indices stay in uptrend under pressure.
⦿ Smallcap, IT & Pharma stay in a confirmed downtrend.
⦿ Metal is the only index in a confirmed uptrend.
⦿ Most indices stay in uptrend under pressure.
⦿ Smallcap, IT & Pharma stay in a confirmed downtrend.
⦿ Metal is the only index in a confirmed uptrend.
Momentum
⦿ Metal & IT indices now have positive & improving momentum.
⦿ Almost all major indices have negative & worsening momentum.
⦿ PSUbank index has positive but worsening momentum.
⦿ Metal & IT indices now have positive & improving momentum.
⦿ Almost all major indices have negative & worsening momentum.
⦿ PSUbank index has positive but worsening momentum.
Swing
⦿ Both Nifty & Smallcap are now in a downswing under strain. Both indices are still in a weekly upswing.
⦿ Swing Confidence is 25. Long-only swing traders would be 25% invested now.
⦿ Metal, Auto, Power & PSE indices are in confirmed upswing.
⦿ Both Nifty & Smallcap are now in a downswing under strain. Both indices are still in a weekly upswing.
⦿ Swing Confidence is 25. Long-only swing traders would be 25% invested now.
⦿ Metal, Auto, Power & PSE indices are in confirmed upswing.
Breadth
⦿ Market breadth slightly better than last week.
⦿ Intermediate timeframes still to give a buy signal.
⦿ Higher timeframes stay bullish.
⦿ Market breadth slightly better than last week.
⦿ Intermediate timeframes still to give a buy signal.
⦿ Higher timeframes stay bullish.
Bias
⦿ Difference between new 52-week highs & lows gives us Net New Highs.
⦿ 3 consecutive + or - days of net 52-week highs give us a positive or negative bias, respectively.
⦿ Daily bias should confirm with the latest weekly net highs.
Currently, the bias is bullish.
⦿ Difference between new 52-week highs & lows gives us Net New Highs.
⦿ 3 consecutive + or - days of net 52-week highs give us a positive or negative bias, respectively.
⦿ Daily bias should confirm with the latest weekly net highs.
Currently, the bias is bullish.
That’s all for this week. If you'd like to read this as a newsletter, find it here:
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