Noth’in New February 24, 2017
Posted by Tom in Thoughts.Tags: market commentary, stock market commentary, technical analysis
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Feb. 24, 2017 – This is sounding like a broken record because most markets worldwide continue their upward pace. I do note a slight change, in that some defensive sector are showing some strength. Notably, Utilities, Tobacco, Aerospace-Defense and REITs. (See the table below.)
The NASDAQ Index remains within it’s price channel (purple lines) and I’ve moved my “Wyckoff Support” level up to 5748; which is derived from the Low of a weekly significant bar. Sentiment, Volume & Money Flow indicators remain “Bullish”. Volume did drop off late this week, so we’ll be watching for signs of an Up Thrust on low volume . . . a warning sign.
Here’s my sector strength watch list:
The overall strength also shows itself in the broad S&P 1500 stocks:
% of stocks, Price Strength –
% stocks in Accumulation & Distribution –
There’s a fair amount of green up there and expectations are high for tax cuts, government spending (infrastructure & defense) and lower regulation. If the markets get concerned that they are not going to happen, that could mean trouble; but not yet.
Have a good week. ………… Tom …………
Chart by MetaStock; table and pie charts by http://www.HighGrowthStock.com; used with permission.
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