Jump to content



Photo

Weekly Breadth Data - 9/9/22

a/d line breadth cumulative charts spx nasdaq russell nya dow notes bonds

  • Please log in to reply
No replies to this topic

#1 fib_1618

fib_1618

    Member

  • Traders-Talk User
  • 9,922 posts

Posted 15 September 2022 - 11:21 PM

After seeing continued follow through selling after the long Labor Day weekend on Tuesday, the major market indices reflexed sharply from their deeply "oversold" levels for the rest of the week to finish on Friday with a average weekly gain of +3.50% and breaking its 3 week losing streak. Leading the recovery was the S&P 400 Mid Cap Index which finished higher by +4.39%, while the S&P 600 Small Cap Index brought up the rear as it added +2.74%.

A quick review of our standard array of cumulative breadth charts shows that the NYSE Composite, NYSE Common Only, NYSE Specialty CEF's and Russell "1987" advance/decline lines have now snapped back to or toward their respective short term trendlines of resistance, while interest rate sensitive issues remain under downside pressure. With the FedWatch Tool now suggesting a 90% chance of a 3/4% rate hike by the Federal Reserve on September 21st, this will continue to keep heavy pressure on all things financial as liquidity levels continue to quickly recede. Lower and lower liquidity levels also increase day to day market price volatility, while precious metals will suffer as the expectation of future inflationary pressures continues to subside. On the flip side of things, European issues still show quite a bit of bullish buoyancy at this time, while the Bombay advance/decline line finished off the week in record territory.

So with the BETS moving higher to a reading of -40, traders and investors continue to remain defensive toward equities. Looking at the breadth and volume McClellan Oscillators and we see that all have now snapped back to or toward their zero lines, and this is providing support to the NYSE Composite breadth and volume, OEX breadth, MID breadth & volume McClellan Summation Indexes as they attempt to hold at their respective zero lines. Both the NYSE (.81) and NASDAQ (.82) Open 10 TRIN's finished on Friday on the doorstep of being technically "overbought", while the 10 day average of CBOE and Equity put/call ratios remains relatively flat as we go into this year's 3rd quarter OPEX period later in the week. With message board sentiment moving with lightening speed from bear to bull in less than 4 trading days, along with the internals failing to provide confirmation of such opinions, the potential for next week is for further volatile, choppy behavior as quadruple expiration of options and futures become the prime focus. So with all this as a backdrop then, let's go ahead and continue to walk the path of bearish least resistance for the week ahead, while being mindful that with the continued contraction of investment capital out there to be put to work, sharp market declines can and will pop up with very little warning.

Have a great trading week!

 

US Equity Markets:

breadthspx090922.png

breadthdjia090922.png

breadthspec090922.png

breadthpre090922.png

breadthrut090922.png   

 

US Interest Rates:

breadthtnx090922.png

breadthig090922.png

breadthmuni090922.png

breadthjunk090922.png

US Sectors:

breadthxle090922.png

breadthxlf090922.png

breadthreit090922.png

Precious Metals:

breadthpm090922.png

breadthxau090922.png

Australia:

breadthaus090922.png

England:

breadthftse090922.png

France:

breadthcac090922.png

Germany:

breadthdax090922.png

India:

breadthbse090922.png


Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

Technical Watch Subscriptions



 






Also tagged with one or more of these keywords: a/d line, breadth, cumulative charts, spx, nasdaq, russell, nya, dow, notes, bonds