#WeeklyIndexCheck CW04/2023
Market Quadrant:
⦿ Trend: Uptrend under pressure
⦿ Momentum: Negative & Worsening
⦿ Breadth: Weak
⦿ Bias: Bearish
⦿ Swing Confidence: 0
Market Quadrant:
⦿ Trend: Uptrend under pressure
⦿ Momentum: Negative & Worsening
⦿ Breadth: Weak
⦿ Bias: Bearish
⦿ Swing Confidence: 0
Trend
⦿ Most indices stay in uptrend under pressure.
⦿ NiftyJr & Smallcap are the first 2 major indices in a confirmed downtrend.
⦿ Auto is the only index in a confirmed uptrend.
⦿ Most indices stay in uptrend under pressure.
⦿ NiftyJr & Smallcap are the first 2 major indices in a confirmed downtrend.
⦿ Auto is the only index in a confirmed uptrend.
Momentum
⦿ Almost all major indices have negative & worsening momentum.
⦿ IT is the only index with positive & improving momentum.
⦿ PSE & Metals have positive but worsening momentum.
⦿ Almost all major indices have negative & worsening momentum.
⦿ IT is the only index with positive & improving momentum.
⦿ PSE & Metals have positive but worsening momentum.
Swing
⦿ While Nifty is in early downswing, Smallcap is in a confirmed downswing. Both indices are still in a weekly upswing.
⦿ Swing Confidence is 0. Long-only swing traders would be in all-cash now.
⦿ Auto, FMCG & IT indices are in confirmed upswing.
⦿ While Nifty is in early downswing, Smallcap is in a confirmed downswing. Both indices are still in a weekly upswing.
⦿ Swing Confidence is 0. Long-only swing traders would be in all-cash now.
⦿ Auto, FMCG & IT indices are in confirmed upswing.
Breadth
⦿ Market breadth is quite weak.
⦿ Lower timeframes are approaching oversold zone.
⦿ Higher timeframes are now bearish.
⦿ Market breadth is quite weak.
⦿ Lower timeframes are approaching oversold zone.
⦿ Higher timeframes are now bearish.
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.
Currently, the bias is bearish. Last week’s sideways bias turned bearish this week on 23rd Jan.
⦿ 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.
Currently, the bias is bearish. Last week’s sideways bias turned bearish this week on 23rd Jan.
#MonthlyIndexCheck - Jan 2023
Month began with a bullish bias, but negative momentum kept worsening to turn breadth & bias red. Trend still braving bearish assault, so not much extreme panic yet. Will the trend survive, or will the bulls give it up from here?
Month began with a bullish bias, but negative momentum kept worsening to turn breadth & bias red. Trend still braving bearish assault, so not much extreme panic yet. Will the trend survive, or will the bulls give it up from here?
That’s all for this week. If you'd like to read this as a newsletter, find it here:
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