Saturday Bullish Percents
All charts and comments intended for education and discussion purposes only. No investment recommendations are being offered. Comments below related to this post are encouraged. | MON - Sector Strength | TUE - Interest Rates | WED - Market Breadth | THU - Commodities & Currencies | FRI - Market Sentiment | SAT - Bullish Percents | About | contact: HeadlineCharts@gmail.com |
The bullish percents remain above the 50% level, and a number have shifted back to an uptrend, including the NYSE. As a result, the bullish percents are generally confirming the higher prices of the indexes and are favorable for the market.
Last week's bullish percents are above, and this week's are below. The confirmation continues as each week a number of bullish percents shift back to uptrends or jump to higer levels. No doubt there are cross currents in the market that could undermine the uptrend, but at this moment the uptrend is being confirmed by the bullish percents.
The most important index at this point is the NYSE, and it has now joined with the other indexes with a shift to an uptrend. This is good news for the market overall.
In addition, the economically and energy sensitive transports have joined the uptrend. Healthcare has been hot and no surprise biotechs have joined that trend along with the long slumbering big drug companies which have also shifted to an uptrend. John Murphy isn't too happy with the recent success of the big drugs as he warns that it may be flight to safety and indicates a defensive posture of the market.
Industrial metals continue to do well, but now the bullish percent of the precious metals is in an uptrend as well. Today was big for precious metals as the XAU and HUI had strong days. Gold shares could be close to a big break out. I say 'could' because we have been here before only to be disappointed.
There won't be a Monday post and there may not be a Tuesday post either due to personal issues.
