Trends
The ratio of S&P 500 stocks in an uptrend to a downtrend (i.e. the Up/Down ratio) rose last week from 1.26 to (258/165=) 1.56 last week. The ratio has come a long way from its low on March 6th at 0.18. Another 47 S&P 500 stocks broke resistance last week (including 16 stocks on Friday). Twelve stocks broke support. Most stocks breaking support were in the financial service sector. S&P 500 stocks remain in the Mark Up phase. Next phase after the Mark Up phase is the Peaking phase. Evidence of the Peaking phase based on this indicator has yet to surface.
Bullish Percent Index for S&P 500 stocks eased last week from 66.00% to 62.40%. On Friday, the Index closed below its 15 day moving average. A break below its 15 day moving average from an intermediate overbought level is the requirement for a Bullish Percent Index sell signal. (more)
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