Market ends the year strong
It appears that the upward trend will continue through January.
Value Line Index -- 1,700 stocks -- seems bullish
- Down 1.20% for the week
- Up 7.01% for the month
- Up 57.95% for the year
- Closed above its 20, 50 & 100 Day Moving Averages
- Buy rating on 11 of Barchart's 13 technical indicators for an overall Buy rating of 88%
Barchart Market Momentum -- approximately 6,000 stocks -- percentage of stock closing above their daily moving averages for various periods -- majority closed above their DMAs
- 20 DMA -- 69.73% closed above
- 50 DMA -- 74.14% closed above
- 100 DMA -- 72.75% closed above
Ratio of stocks hitting new highs to new lows for various periods -- above 1 bullish, 1 neutral, below 0.99 bearish -- This week still bullish
- 20-day new high/new low ratio -- 1056/361 = 2.93
- 65-day new high/new low ratio -- 518/138 = 3.75
- 100-day new high/new low ratio -- 421/104 = 4.05
Summary & Strategy -- The market ended the year on an upward trend, and I see no reason that the trend won't continue through January. During the coming week I'll trim any stock that doesn't maintain a price level above it's 50 DMA and feel confident that I can replace it with a new position.
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