Value Line Index -- I use this Index because it contains 1700 stocks making it much broader than the S&P 500 or much narrower Dow 30 -- The Index was up for the week by 5.18%
- The Index plotted above its 20, 50 and 100 day moving averages -- positive trend
- Barchart's technical indicators rate the Index an 88% buy with 12 of 13 indicators on buy signals
Barchart market momentum indicator -- usually contains around 6000 stocks --the percentage of stocks trading above their daily moving averages for various time frames -- also a nice upward trend
- 20 DMA -- 88.28% traded above compared to 73.15% last week and 20.48% last month
- 50 DMA -- 79.46% traded above compared to 58.91% last week and 36.99% last month
- 100 DMA -- 79.44% traded above compared to 66.08% last week and 46.12% last month
Ratio of stocks hitting new highs to stocks hitting new lows for various time frames -- 1.0+ bullish, 1.0 neutral and below .99 bearish -- this week looked good
- 20 day ratio of stocks hitting new highs to new lows -- 3059/196 = 15.61
- 65 day ratio of stocks hitting new highs to new lows -- 1131/85 = 16.43
- 100 day ratio of stocks hitting new highs to new lows -- 1121/542 = 2.07
Summary -- The market looked pretty strong for the week. I trimmed a lot of stocks from my various portfolios especially those that didn't respond to the change in the market; mostly those that didn't maintain a priced above their 50 day moving averages. Unless something drastic happens I'll replace those this week with confidence.
Wall Street Survivor results -- The S&P 500 has gone up 2.06% month to date and 6 of our 8 contestants beat that. Month to date Vad -- The Sceptical Capitalist gained 6.36% and I 'm in second with 4.67% gain. Ahh -- maybe next week.
Disclosure: I do not hold any positions in the stocks in my Wall Street Survivor portfolio.