Stock Market Technical Indicators & Analysis
This scan looks for stocks that had a strong weekly chart pattern (4wk>10wk>30wk) +20 week high of relative strength + bounce up off of its 4 wk average (red dotted line). Must also be near an ATH=above last green line top. Note the green price bars. These stocks are worth researching.
No one knows whether the market’s final bottom is in or if this is just a dead cat bounce. The major indexes are still below their declining 30 week averages. So the longer term trends are down but we now have a short term up-trend. A change in the short term trend is more tradable once it lasts 5 days. If the GMI can flash Green I may become more confident of this turn….
My TC2000 WeeklyGreenBar scan helps me find stocks trading at all-time highs that have strong relative strength and technical strength. I applied the scan to a watchlist of 483 stocks that have appeared on promising lists in IBD or MarketSmith in the past few months. Seven of those stocks passed this scan. When I scanned all 6.997 US stocks, it found another 6 stocks. In this table, the IBD/MarketSmith stocks have a blue flag. The last column shows Friday’s trading volume divided by the average volume the past 50 days. Some of these stocks may turn out to be true market leaders. I will monitor them. I have very small positions in a few of them in my trading IRA and remain 100% cash in my university pensions.
The GMI remains 2, of 6. When the GMI registers 4 or more for two consecutive days it will flash Green.
These stocks all hit an ATH this week and bounced up off of their rising 4 week averages. The seven flagged stocks are on my IBD/MarketSmith watchlist.
Here is the daily chart of STLD which came back above its green line to an ATH. It has a composite rating of 98.
