Pulse of the Market: W/E February 26
My weekly market barometer to cut through all the chatter and evaluate what happened and formulate next weeks plan
Value Line Index -- I use this because it contains 1700 stocks making it broader than the S&P 500 or the even narrower Dow 30 - Down .4% for the week but still up 4.65% for the month.
- The Index closed on Friday above all 3 daily moving averages -- 20, 50 & 100 DMA
- Barchart's 13 technical indicators had 8 buys, 3 holds and 2 sells for a 48% overall buy rating
Barchart market momentum -- The percentage of stocks trading above their DMAs for various periods -- If the figure is above 50% then you have better than 1/2 a chance to make some money -- all 3 slightly down but still in your favor
- 20 DMA -- 73.25% closed above the 20 DMA -- down from 74.89% last week
- 50 DMA -- 58.95% closed above the 50 DMA -- down from 61.39% last week
- 100 DMA -- 66.14% closed above the 100 DMA -- down from 67.38% last week
Ratio of stocks hitting new highs to new lows for various time frames -- 1.0+ bullish, 1.0 neutral, below .99 bearish -- looks like we are still OK this week
- 20 day ratio of new highs to new lows -- 1171/271 = 4.32
- 50 day ratio of new highs to new lows -- 486/138 = 3.52
- 100 day ratio of new highs to new lows -- 406/102 = 3.98
Summary -- We were just slightly off the momentum we had last week but not really negative. Might be a good week to cull what hasn't performed and search of some new replacements next week.
Wall Street Survivor results -- Well for the month the S&P 500 was up 2.85% and 5 of our Top Stock contestants beat that mark. Anthony Mirhaydari lead the pack with a 10.57% MTD return and I managed to follow closely with a 10.05% increase. On Friday I sold Tyler Technologies (TYL) because it just wasn't maintaining a price above its 50 day moving average. I'll hunt for a replacement later next week.
We've turned another page on the calender so let's see who the new leader will be next month.
Disclosure - No positions in any stock mentioned.
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