Three indicators were upgraded this week. With the three of the four key offensive sectors recording 52-week highs this week, I can hardly be bearish on this indicator. XLY, XLI and XLK hit new highs, while XLF remains close to its April high. Even though the Nasdaq has been underperforming the NY Composite and the Russell 2000 has been underperforming the S&P 100, the Nasdaq and the Russell 2000 both hit new 52-week highs this week. This makes for a split decision. Elsewhere, the AD Volume Lines hit 52-week highs this week and the Cumulative Net New Highs lines are in firm uptrends. In short: no change and no signs of significant selling pressure. See the About Page for more on Art's Charts.
- AD Lines: Bullish. The Nasdaq AD Line has a bearish divergence working, but the NYSE surged to a new 52-week high this week.
- AD Volume Lines: Bullish. The Nasdaq and NYSE AD Volume Lines remain in firm uptrends with 52-week highs this week.
- Net New Highs: Bullish. The Nasdaq and NYSE Cumulative Net New Highs lines remain in clear uptrends and above their 10-day EMAs.
- Bullish Percent Indices: Bullish. All Bullish Percent Indices are above 50%.
- VIX/VXN: Bullish. The S&P 500 Volatility Index ($VIX) and the Nasdaq 100 Volatility Index ($VXN) are trading at relatively low levels, but remain in clear downtrends. Stocks tend to move higher when volatility is trending lower.
- Trend Structure: Bullish. DIA, QQQQ, IWM, SPY and MDY recorded new 52-week highs this week.
- SPY Momentum: Bullish. MACD(5,35,5) remains in positive territory. RSI has been above 50 since early December. The Aroon Oscillator moved into negative territory in late November, but rebounded back above +50.
- Offensive Sector Performance: Bullish. The Consumer Discretionary, Technology, and Industrials SPDRs recorded 52-week highs this week. The Finance SPDR is challenging its April high.
- Nasdaq Performance: Neutral. The Nasdaq has been underperforming the NY Composite ($NYA) since early January, but the Nasdaq itself recorded a 52-week high this week. Split decision.
- Small-cap Performance: Neutral. The Russell 2000 has been underperforming the S&P 100 since mid December, but the Russell 2000 itself recorded a 52-week high this week. Split decision.
- Breadth Charts (here) and Inter-market charts (here) have been updated
This table is designed to offer an objective look at current market conditions. It does not aim to pick tops or bottoms. Instead, it seeks to identify noticeable shifts in buying and selling pressure. With 10 indicator groups, the medium-term evidence is unlikely to change drastically overnight. Previous turns include: Positive on 11-Sept. Negative on 5-February. Positive on 5-March. Negative on 11-June. Positive on 18-June. Negative on 24-June. Positive on August 6. Negative on August 13. Positive on September 3.
