Saturday Bullish Percents
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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.
There was excellent upward movement in the bullish percents this week confirming higher prices and bullishly broadening out the number of stocks participating in the rally. All the yellow is related to the commodity-inflation area that is correcting.
The IBD bullish percent has been updated to include the latest components of the index, and I figure it needs to be reset twice a year or so to bring it up-to-date.
The agriculture bullish percent is also new and it consists of the stocks in the MOO ETF that trade on the US stock exchanges.
Also added is the commodity bullish percent for the components of the CRB. I had wanted to use a broader range of commodities but it is hard to get good P&F charts so I'll settle for the CRB components for now. There is a little more strength in this bullish percent at the moment than I expected. Here are the components.
I'm cautious on the market because the new highs /new lows refuse to fully cooperate and confirm this uptrend. The new lows on the NYSE are really good, but the new lows on the NASDAQ just refuse to settle down. They were 65 last Friday which isn't enough to ring alarms but slightly higher than expected for an uptrend. Ken Tower is also cautious on the market primarily for same reason.
The new lows aren't cooperating on the NASDAQ, but it's the new highs that aren't cooperating on the NYSE. It makes some sense. Most new highs had been in the materials and energy groups, and now that they are correcting tech and consumer stocks are too far in the hole to register new highs. Let's give this some time to see if the new leaders can start hitting new highs and improve these numbers.
