Market Breadth: Moving Averages
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59.37% (+0.58% 1wk)
Status: Neutral Environment
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) increased by +0.58% this week.
Therefore, the overall combined average is at 59.37% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages.
Another pullback in the overall combined average, that then recovered on the last day of the week to end slightly higher. So it still remains within the recent tight range, a short distance above its 20 day MA and 50 day MA. Hence, it's still in a very neutral position, but with a slightly positive leaning.
The Point and Figure (P&F) chart (shown above) continued to be unchanged for another week, as it tightens up within the recent range, and so the P&F strategy remains on Offense (as it is in a column of Xs), and P&F Bear Correction status in the middle of the field.
The price is still just under the prior pivot high. So a close above the 62% level would make a double top breakout, and hence would change it to Bull Confirmed, and reversal would occur on a close below the 54% level.
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.