Market ends the week with a whimper
Friday was an up day but I can only hope it will be an up week coming
Value Line Index -- Contains 1700 stocks so its broader than the S&P 500 or very narrow Dow 30 -- recovering but still weak
- Index down .11% week over week
- Index down 5.70% for the last month
- Barchart short term 20% sell -- overall 1 buy, 4 holds & 8 sells
- Trading below its 20, 50 & 100 day moving averages
- 14 Day Relative Strength Index 45.69% and rising -- a bright spot
Barchart Market Momentum - Contains approximately 6000 stocks -- Percentage of stocks trading above their Daily Moving Averages for various periods -- recovering slightly
- Friday only 38.16% close above their 20 DMA, over 51.15% closed above their 50 DMA, only 44.91% closed above their 100 DM
- Last Week only 32.70% closed above their 20 DMA, only 49.22 closed above their 50 DMA, only 52.52% closed above their 100 DMA
- Last month over 79.21% closed above their 20 DMA, over 72.16% close above their 50 DMA, over 52.33% closed above their 100 DMA
Ratio of stocks hitting new highs/new lows for various time frames -- 1.0+ bullish, 1.0 neutral, below .99 bearish -- still bearish
- 1 month new highs/new lows -- 216/666 = .32
- 3 month new highs/new lows -- 127/323 = .39
- 6 month new highs/new lows -- 84/255 = .33
Summary and Investment Strategy -- The week looked like we may have found a bottom. I'll continue to trim from my portfolios stocks that have a downward momentum and I might add back new stocks if the Barchart Market Momentum keeps improving and the Value Line Index gets a 14 day Relative Strength Index above 50%.
Disclosure: No positions mentioned at the time of publication
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.