The breadth charts remain just slightly in the bullish side from the the weak closing on Friday.
52 Week New Highs:
The Russell and the Nasdaq ( bottom two ) bars made higher new high counts and the momentum indicators remained positive scoring a +2 on each of those indexes. The NYSE did not pass the previous day’s new high count but was able to keep the momentum going so NYSE scores a zero with a chart total of +4.
40 DMA % Index;
This chart is yet to confirm the buy side and turned negative with the weak closing on Friday. A total chart score of –6 with lower daily values on all three indexes and all three also remaining below their 20 day moving average.
10 Day High minus Low:
Unlike the 52 week new highs the 10 day high minus lows scored a +2 on each index with higher daily values and increasing bullish momentum. So the chart scores a +6 for a total.
Conclusion: Totaled up, the charts put in a +4 overall score which puts them on the weak side of bullish. Friday’s close was problematic as the market continues to look for strength in price action to confirm and upside leg. There were some positives to Friday,
This is the 52 Week new high chart for the Russell which closed with 19 new highs. The yellow line is day before’s 30 minute profile and the blue line is the 5 day moving average. Friday’s new highs remained above both and continued to add all the way into the close. Those facts are underlying bullish.
