(for reference see charts #1-5 below)
As of now, we have following long-term Breadth sentiment numbers (stocks moving closer to their 52-week highs):
76% of the S&P 500 index stocks are bullish (2% higher than a week ago);
76% of the DJI index stocks are bullish (the same a week ago);
84% of the Nasdaq 100 index stocks are bullish (or 3% higher than a week ago);
74% of the Russell 2000 index stocks are bullish (or 1% lower than a week ago);
72% of the NYSE index stocks are bullish (the same as a week ago).
Shorter-term Breadth sentiment (S&P 500 stocks moving above Moving Average):
356 stocks are above their 200-day SMAs,
374 stocks are above their 120-day SMAs,
341 stocks are above their 50-day SMAs,
368 stocks are above their 20-day SMAs.
Overall market Breadth sentiment
- The long-term market Breadth sentiment is Bullish - the majority of the stocks on the market are moving close to their 52-week highs.
- Short-term market Breadth sentiment is Bullish - the majority of the S&P 500 stocks are moving above their major moving averages.
(for reference see charts #6 below)
- The S&P 500 daily volume is down while the index moves up. This tells us that the Bulls had no trouble moving above the short-term resistance - the Bears do not resist them. The Bears are very weak and they are not willing to fight the Bulls - current market does not attract them.
- We have see positive Money Flow - see increasing SBV Flow on the chart #6 below.
- Up/Down Volume (see chart #6 below) shows stronger Bullish pressure.
Overall volume sentiment is Bullish for the coming week.
(for reference see charts #7 below)
We continue having very low volatility. The 14-day Absolute ATR remained unchanged at low level.
Overall volatility sentiment is Bullish, yet, volatility is too low to expect any serious up-move.
- The long-term Bulls arestrong. Even we have negative earning reports, it is difficult to break the long-term Bullish sentiment. Only extremely negative event may break the Bullish spirit at this moment.
- The short-term sentiment is Bullish as well suggesting higher odds of having another positive next week.
- Low volume and low volatility suggest that the Bulls are not willing to push market up strongly.
Chart #1-5: index High-low Breadth chart - green line represents bullish stocks and red line represents bearish stocks
Chart #6: S&P 500 index volume chart - 1 bar = 1 day
Chart #7: S&P 500 index volatility chart - 1 bar = 1 day, 14-day Average rue Range
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.