After a whipsaw in mid March, the indicator summary is back on its positive track with more strength this past week. The Nasdaq AD Line surged over the last 11 days and the NYSE AD Line hit a new 52-week high. Furthermore, the Cumulative Net New Highs Lines both hit new highs this week. Even though the AD Volume Lines are lagging somewhat, overall breadth remains strong and there are no signs of significant selling pressure. See the About Page for more on Art's Charts and this indicator summary.
- AD Lines: Bullish. The 10-day surge in the Nasdaq AD Line is the strongest since early March 2010 and the NYSE AD Line moved to a new 52-week high.
- AD Volume Lines: Bearish. The NYSE and Nasdaq AD Volume Lines also surged, but not as much as the AD Line and both remain below their March highs.
- Net New Highs: Bullish. The Nasdaq and NYSE Cumulative Net New Highs Lines moved to new 52-week highs this week.
- Bullish Percent Indices: Bullish. All BPIs remain above 50%. In fact, all are above 60%.
- VIX/VXN: Bullish. The S&P 500 Volatility Index ($VIX) and the Nasdaq 100 Volatility Index ($VXN) are both back below 20 and showing calm, which is positive for the market.
- Trend Structure: Bullish. IWM and MDY closed at new 52-week highs this week (Thursday). DIA recorded a new 52-week high intraday on Wednesday. SPY and QQQ may be lagging, but they are certainly not in downtrends.
- SPY Momentum: Bullish. MACD(5,35,5) moved back into positive territory, RSI moved above 50 and Aroon is back in positive territory.
- Offensive Sector Performance: Neutral. Industrials and consumer discretionary remain strong, but technology and finance have been relatively weak since January.
- Nasdaq Performance: Bearish. The Nasdaq has been underperforming the NY Composite ($NYA) since early January.
- Small-cap Performance: Bullish. The Russell 2000 (small-caps) has been outperforming the S&P 100 (large-caps) since late January.
- 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-09
Negative on 5-Feb-10
Positive on 5-March-10
Negative on 11-Jun-10
Positive on 18-Jun-10
Negative on 24-Jun-10
Positive on 6-Aug-10
Negative on 13-Aug-10
Positive on 3-Sep-10
Negative on 18-Mar-11
Positive on 25-Mar-11
