Saturday Bullish Percents
Disclaimer: All charts and comments are intended for education and discussion purposes only. No investment recommendations are being offered. Please do your own research and take responsibility for all investment decisions that you make. Questions and comments 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 |
Last week's bullish percents are above this week's are below. Gold and silver stocks had a banner week while the rest of the market struggled. The market is entering a weak seasonal period, and August, September and October are usually no friend to the stock market. Last year the market was so strong coming off a broadbased correction that it powered right through these weak months. This year the weak seasonal period will have the help of the weak financial sector, so the risks are high that the market is at a tipping point.
Red is a column of O's in a downtrend, blue is a column of X's in an uptrend. Below 30% is oversold, and above 70% is overbought. Yellow is a shift down, green is up. Recommended blogs are Declan Fallon, VIXandMore, dk-report.
Economic strength in the foreign economies, high oil prices and the weak US Dollar helped support the precious metals, energy and large-cap technology and industrials. The 10Y rate dipped below 5% which helped utilities. The weakness shows up in concern for the US consumer as healthcare, financials, staples and discretionary were the poor performers.
On Friday the Chinese market very impressively broke above short term resistance and held at the uptrend line. I am sure I am not the only one very surprised by this strength. As long as the market holds this uptrend there is one less thing to be concerned about.
