The S&P remains bullish but overbought, though prices have pulled back to the short term 21 day moving average and could certainly bounce today. The trend of the Chaikin Power Gauge ratio also remains bullish but continues to drift lower. Market breadth is narrowing with only tech, industrials, healthcare and financials having superior relative Power Gauge ratios to the SPY (That's the ETF that tracks the S&P) In addition to the mostly fundamental weighting that contributes to the Power Gauge and subsequent bull:bear ratios of the underlying sector ETF's we track, we note that XLI (Industrials), XLF (financials), XLV (healthcare) and XLK (tech) remain in solid uptrends (Price above long term and short term Chaikin moving averages, with superior relative strength and money flow, but in Overbought territory). See the market bull:bear trend and sector relative Power Gauge ratings here. Good trading!
RSS Feed