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Weekly Market Sentiment Update

|Includes: DIA, QQQ, SPDR S&P 500 Trust ETF (SPY)

Long-term Breadth Sentiment

By the end of this week:

77% of the S&P 500 index listed stocks are bullish (6 stocks more than a week ago);
83% of the DJI index listed stocks are bullish (2 stocks more than a week ago);
86% of the Nasdaq 100 index listed stocks are bullish (2 stocks more than a week ago);
74% of the Russell 2000 index listed stocks are bullish (2 stocks more than a week ago);
71% of the NYSE index stocks listed are bullish (41 stocks less than a week ago).

Note: Bullish stocks are stocks traded close to their 52-week highs.
Source: https://www.marketvolume.com/quotes/?s=advancedecline

The Breadth number above show that long-term Breadth sentiment is strongly Bullish. Some negative divergence on the Russell 2000 and NYSE Composite indexes.

Short-term Breadth Sentiment

Shorter-term Breadth numbers:

373 of the S&P 500 listed stocks are above their 200-day SMAs - 19 stocks more than a week ago,
390 of the S&P 500 listed stocks are above their 120-day SMAs - 16 stocks more than a week ago,
367 of the S&P 500 listed stocks are above their 50-day SMAs - 26 stocks more than a week ago,
380 of the S&P 500 listed stocks are above their 20-day SMAs - 12 stocks more than a week ago.
Source: https://www.marketvolume.com/stockscreener/sp500scan.asp

Short-term Breadth sentiment is strongly Bullish as well.

Volume Sentiment

Average volume remains unchanged on the S&P 500, Nasdaq 100, Russell 2000 and NYSE Composite indexes. Small increase in trading volume was noted on the DJI index. The same as before, we may see positive money flow and stronger bullish pressure. All of this would continue to favor the Bulls

Volatility Sentiment

Volatility declined to its lowest level since December 7th of 2016. 14-day ATR on the S&P 500 index is at 0.57%. Low volatility favors the Bulls.

Summary

Overall sentiment remains to be Bullish. Negative divergence on the NYSE index and small volume surge on the DJI may suggest coming side-way action, yet, at this low volatility we should not be worried about any serious decline.

Charts (source: https://www.marketvolume.com)

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.