The sideways pattern remains
The sell offs do not follow through.
The buying lacks vigor.
So the sideways pattern remains.
Since 10th August the market has been in tight range.
Attempts at corrections have been unsuccessful.
Attempts at making new high has been partially successful.
It is a tricky market. There are opportunities, but you need to be nimble.
Market monitor is market breadth
based market timing tool
Market in correction.
# of stocks up >4% on high volume
19 stocks with 100 million plus dollar volume.(M$V)
# of stocks down>4% on high volume
No follow through selling.
1 stocks with 100 million plus M$V
# of stocks up >25% in a quarter
# of stocks down>25% in a quarter
We keep hovering between 200 to 350 range.
# of stocks up> 50% in a month
Not many large moves happening currently.
# of stocks down>50% in a month
# of stocks up>25% in a month
Back in positive territory. But again not many big moves.
So post breakout many stocks are going sideways.
# of stocks down>25% in a month
# of stocks up>13% in 34 days
# of stocks down>13% in 34 days
% of stocks in confirmed uptrend
Rapid drop from 71 to 57
% of stocks in confirmed downtrend
#of stocks up> 4% in last 10 days/
#of stocks down>4% in last 10 days
A reading above 2 will signal bullish breadth thrust.
A reading of below 0.5 on this will confirm bearish trend.
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