Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined
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46.90% (-3.13% 1wk)
Status: Difficult Environment
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) decreased by -3.13% this week.
Therefore, the overall combined average is at 46.90% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages.
The market collapsed on Monday dropping the combined moving average breadth by over -9% in a single day to 40.93%, but it regained around 2/3rds of that decline through the week – clearing the short-term oversold condition. The distance to its 20 day MA is at -9.46% and distance to its 50 day MA (signal line) is at -5.14%. So the environment status remains on a Difficult Environment status to start the week with earnings season in full flow. So caution remains prudent.
The Point and Figure (P&F) chart (shown above) declined by a further 5 Os this week. So the P&F strategy remains on Defense (as it is in a column of Os), with the P&F status changed to Bear Confirmed on Monday with the double bottom breakdown. So the market still has the ball currently.
See the Bullish Percent article for more information on the P&F statuses.
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.