Market Breadth Update
The market declined and it had some influence on the Breadth numbers,
73% of the S&P 500 listed stocks are bullish;
83% of the DJI listed stocks are bullish;
82% of the Nasdaq 100 listed stocks are bullish;
61% of the Russell 2000 listed stocks are bullish;
63% of the NYSE listed stocks are bullish.
The long-term Breadth numbers weakened over the week. Still, they remain Bullish. Current week decline did not change the longer-term market Breadth sentiment.
When we take a look at the shorter-term breadth sentiment, we will notice stronger impact of the current decline:
336 of the S&P 500 listed stocks are above their 200-day moving average
306 of the S&P 500 listed stocks are above their 120-day moving average,
274 of the S&P 500 listed stocks are above their 50-day moving average,
144 of the S&P 500 listed stocks are above their 20-day moving average.
While 200-day and 120-day timeframes remains bullish, when we go down to 50-day and 20-day timeframes, we have strong presence of the Bears, This would point to the strong mid-term Bulls and strong short-term Bears. These data would recommend the possibility of further decline next week.