The market had a big up move from September 2011 to around April2012. After that it corrected around 10%. In the face of persistent bad news from Europe and Asia the markets have held up extremely well. In last 2 weeks markets have started bouncing back from the correction.
The surge in buying in last 2 weeks has resulted in all breadth based indicators showing a turn.
The $BPNYA has climbed back convincingly over its 5 day MA.
The Stockbee Market Monitor is showing burst of buying pressure in last 2 weeks. The buying pressure has resulted in the secondary indicators going positive. The Primary indicator is on the verge of going positive if buying continues for few more days.
The Worden T2108 indicator (% Stocks Above 40 Day Moving Average) has climbed to 51% after reaching zones below 20.
As a result of breadth improvement, individual stocks have started breaking out. The last 2 months of correction has resulted in many stocks forming bases. From these bases slowly they have started breaking out. This is favorable phase for momentum based swing trading styles.
The surge in buying in last 2 weeks has resulted in all breadth based indicators showing a turn.
The $BPNYA has climbed back convincingly over its 5 day MA.
The Stockbee Market Monitor is showing burst of buying pressure in last 2 weeks. The buying pressure has resulted in the secondary indicators going positive. The Primary indicator is on the verge of going positive if buying continues for few more days.
The Worden T2108 indicator (% Stocks Above 40 Day Moving Average) has climbed to 51% after reaching zones below 20.
As a result of breadth improvement, individual stocks have started breaking out. The last 2 months of correction has resulted in many stocks forming bases. From these bases slowly they have started breaking out. This is favorable phase for momentum based swing trading styles.
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