There is no change in the indicator summary. The AD Lines and AD Volume Line both surged to new 52-week highs this week. Major bearish reversals in the stock market are often preceded by bearish divergence in one or more of these indicators. With fresh 52-week highs, bearish divergences are nowhere to be seen. Relative performance remains an issues with the Nasdaq (techs) and Russell 2000 (small-caps), but these indices are doing fine on an absolute basis as both forged fresh 52-week highs this week. See the About page for more on Art's Charts.
- AD Lines: Bullish. The Nasdaq and NYSE AD Lines both hit new 52-week high this week.
- AD Volume Lines: Bullish. The Nasdaq and NYSE AD Volume Lines both hit new 52-week high 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 AGAIN 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 quickly rebounded back above +50.
- Offensive Sector Performance: Bullish. The Consumer Discretionary, Technology, and Industrials SPDRs recorded 52-week highs AGAIN 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. After underperforming from mid December to mid January, the $RUT:$OEX ratio surged the last four weeks. It remains below its December high, but the Russell 2000 forged 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.
