The indicator summary is a medium-term vehicle designed to measure an array of indicators. The sum total identifies periods of strength when positive and weakness when negative. This sum total is not a leading indicator and not immune to whipsaws. The sum total will not turn negative until there is further deterioration in enough indicators. Even though many indices broke their 50-day moving averages, the bulk of the evidence remains bullish. Further weakness in stocks would likely produce support breaks in the Nasdaq AD Line and Nasdaq AD Volume Line as well as downturns in the Cumulative Net New Highs Lines. However, the NYSE AD Line and AD Volume Line remain in clear uptrends. Also note that 55% of S&P 500 stocks are still above their 50-day SMAs. See the About Page for more on Art's Chart and this indicator summary.
- AD Lines: Bullish. The Nasdaq AD Line is testing uptrend support from the January low and the NYSE AD Line remains in a clear uptrend.
- AD Volume Lines: Bullish. The NYSE AD Volume Line remains above support from the January low. The Nasdaq AD Volume Line is testing uptrend support from the January low.
- Net New Highs: Bullish. Nasdaq Net New Highs dipped into negative territory and NYSE Net New Highs hit zero, but the Cumulative Net New Highs Lines remain above their 10-day EMAs.
- Bullish Percent Indices: Bullish. All BPIs remain above 50%.
- VIX/VXN: Bullish. The S&P 500 Volatility Index ($VIX) and the Nasdaq 100 Volatility Index ($VXN) surged, but neither closed above 25 for a clear breakout.
- Trend Structure: Bullish. DIA, QQQQ, IWM, SPY and MDY recorded new 52-week highs in mid February and are entitled to a correction.
- SPY Momentum: Bullish. MACD(5,35,5) remains in positive territory, but the Aroon Oscillator dipped into negative territory for the first time since the beginning of December. RSI moved into the 40-50 zone, which offered support in late November.
- Offensive Sector Performance: Bearish. The finance, industrials and technology sectors have been relatively weak the last 4-5 weeks.
- Nasdaq Performance: Bearish. The Nasdaq has been underperforming the NY Composite ($NYA) since early January.
- Small-cap Performance: Neutral. The Russell 2000/S&P 100 ratio may be forming a lower high (below the December high). A move below the late February low would show small-caps leading the way lower.
- 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.
