The headlines were confusing but the numbers tell it all. Every weekend we step back from all the hype and use Barchart to get the data for our 3 yardsticks to gauge the market. 3 yardsticks are necessary because although they all measure momentum they each do it in a slightly different way. Let's see what happened.
Value Line Index -- Contains 1700 stocks so its much broader than the S&P 500 or the very narrow Dow 30 -- Slightly upward trend
- 60% Barchart short term technical signal
- Up .53% in the last week
- Up 4.22% in the last month
- Closed Friday at 2667.85 which is 12.28% above its 50 day moving average of 2567.18
- Relative Strength Index 58.20%
- Friday only 49.58% closed above their 20 DMA, 64.54% closed above their 50 DMA, 77.29% closed above their 100 DMA
- Last Week 52.05% closed above their 20 DMA, 70.34% closed above their 50 DMA, 79.34% closed above their 100 DMA
- Last month 67.49% closed above their 20 DMA, 81.73% closed above their 50 DMA, 83.11% closed above their 100 DMA
- 1 month new highs/new lows -- 367/328 = 1.12
- 3 month new highs/new lows -- 309/106 = 2.92
- 6 month new highs/new lows -- 246/75 = 3.28
Disclosure: Jim Van Meerten through Marketocracy Capital Management has an interest in the stocks mentioned in this blog.
Disclosure: No Stocks Mentioned