The purpose of the Relative Strength (RS) tables is to track the short, medium and long term RS changes of the individual groups to find the new leadership earlier than the crowd...

Exploration & Production was in focus today, with multiple stocks from the group showing up in the scans, but of varying quality. However, the IBD version of the group made a new double top breakout on its P&F chart and so moves back to P&F Bull Confirmed status for the group...

This weeks midweek video starts with a feature on the IBD Industry Group Bullish Percent Index, which I highlighted in the blog post on Tuesday. So I wanted to do a deeper discussion on the comparative periods from the chart to show the type of market behaviour that came next during each of the previous periods.

With the S&P 500 testing the 200 day MA today and Dow Industrials closing above it, the IBD Industry Group Bullish Percent Index has moved above the 60% level, which is the level that I use to determine the Stage 2 zone. 60%+ is considered in the Stage 2 zone. So although the majority of the major market indexes are only in Stage 1, the Industry Group Bullish Percent breadth data is moving into a tentative Stage 2 zone position...

Stage 2 Breakout Attempt – COCO was highlighted multiple times in the watchlist since May as it developed a Stage 1 base and moved into late Stage 1B. The last time I highlighted it was on the 25th July at $12 ,as it tightened up near the top of the range and held above the short-term moving averages.

This weeks Stage Analysis Members weekend video begins with a detailed run through of the weekend watchlist stocks on multiple timeframes, with live markups of the charts and explanations of what we are looking for in each.

Semiconductors was the dominant theme in the weekend scans, with multiple stocks in the group recovering strongly from weakness caused by the NVDA pre-earnings release early in the week. I did an in-focus on the Semiconductors group in the US Stocks Industry Groups Relative Strength Rankings post on Friday evening, including some market breadth data on the group. So take a look at that if you haven't already.

The IBD Industry Groups Bell Curve – Bullish Percent continued to improve over the last week, crossing the mid point of the bell curve and pushing further into the Stage 1 zone (40% to 60% range). With an additional 9.5% of groups leaving the Stage 4 zone (below 40%).

Custom Percentage of Stocks Above Their 50 Day, 150 Day & 200 Day Moving Averages Combined Market Breadth Charts for the Overall US Market, NYSE and Nasdaq for Market Timing and Strategy.

The purpose of the Relative Strength (RS) tables is to track the short, medium and long term RS changes of the individual groups to find the new leadership earlier than the crowd...