Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined
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28.42% (+7.84% 1wk)
Status: Neutral Environment
The US Total Percentage of Stocks above their 50 Day, 150 Day & 200 Day Moving Averages (shown above) increased by +7.84% this week.
Therefore, the overall combined average is at 28.42% in the US market (NYSE and Nasdaq markets combined) above their short, medium and long term moving averages.
The combined average continued to rebound this week from the recent extremes, and is approaching the top of the lower zone and key 30% level. It managed to reclaim its shorter-term 20 day MA and moved +6.75% above it, and is now just -3.73% below its 50 day MA (signal line). After being as much as -28.06% below it just over 3 weeks ago.
So it's changed to Neutral Environment status, as it's between the 20 and 50 day moving averages. So while a strong improvement, caution remains prudent, as it's not out of the lower zone yet, and still below its 50 day MA. However, a relatively small improvement from here could see it turn to positive. But its not there yet, and might yet fall back again, so cautious progressive exposure (particularly on pullback days) seems sensible, rather than chasing strength.
The Point and Figure (P&F) chart (shown above) continued higher a column of Xs. So the P&F strategy remains on Offense (as it is in a column of Xs), and P&F Bull Alert status.
To get to Bull Confirmed it would currently need to close above the 38% level, and to reverse back to Os and Bear Confirmed it would need to close below the 22% 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.