Market improving slightly
The market recovered last week but the bull isn't back yet -- technical analysis of the market
I use BarChart for my technical analysis data. I like the Value Line Index instead of the Dow 30 or S&P 500 because it contains 1700 stocks making it a much broader indicator.
Value Line Index - improving but not back all the way
- The Index was up 3.35% for the week but is still off its previous high by 6.08%
- BarChart's 13 technical indicators still have the index a sell with 4 buys, 4 holds and 5 sells although the sells are weakening and the holds are to the bullish side
- The Index is plotting below the 20 & 50 day moving average but is still above the 100 DMA
BarChart Market Momentum -- the percentage of stocks trading above or below their Daily Moving Averages -- 6000 stocks -- support at the 100 DMA
- 20 DMA -- 64% trading below
- 50 DMA -- 53% trading below
- 100 DMA -- 72% trading above
The ratio of stocks hitting new highs to new lows for various periods - bullish above 1.01, neutral 1.00, bearish below .99 - the ratios this week are getting better
- 20 day new high/new low ratio -- 414/456 = .91
- 65 day new high/new low ratio -- 276/203 = 1.36
- 100 day new high/ new low ratio -- 257/111 = 2.32
Summary -- a week of a little bit of recovery but not a full blown bear market yet. I'll cautiously add a few stocks to my Wall Street Survivor portfolio but only if they meet all my buy criteria.
I did fine on my Wall Street Survivor portfolio with a gain of 6.92% for the week, better than the 3.35% for the Value Line Index. That was good enough for 3rd place but not as good as Anthony Miraydan who beat us all with a 16.09% return
Disclosure: I do not hold any actual positions in any of stocks in my Wall Street Survivor portfolio at the time of publication
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Try as the bears might, they couldn't break US stocks. But investors still face frothy prices and considerable headwinds.
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