Still am into the sloppy way of inputting the text. Still have not figured out how to import my word file into the post via my laptop.
We are still in a bullish mode from the short and intermediate term but bearish on the long term. That long term bearish rating may not last much longer as the Daily and Weekly Indices are getting very close to their moving average lines and the momentum indicators are also just about to go positive.
Friday was a mild day with the Daily Index closing on the up side by only 0.31%. The winners and losers were almost even at 16 winners and 17 losers, however, the sleepers, those doing nothing, were also up there with 17 of the stocks in a doze mode. I wouldn't go through the top 5 stocks today but you can see their weekly performances in the Table posted earlier. It's interesting to note that once more the cheepies were the real movers. The Daily Index gained 4.29% during the week (representing the performance of the larger stocks) while the Weekly Index closed higher by 9.16% (representing the smaller stocks). It's the smaller stocks where the action is.
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On the long term both the Daily and Weekly Indices are performing similarily. Both are still below their long term moving average lines but also very close to the lines and may very soon go through. The moving average lines for both Indices are still negative. The momentum indicators for both are still negative but also almost ready to break on the up side. The volume indicator has moved above its trigger line but the trigger is still negative. All in all both Indices are rated as BEARISH long term wise but maybe not for long.
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On the intermediate term all is roses. The Daily Index is above its positive moving average line. The momentum indicator is just barely inside its positive zone above its positive trigger line. The volume indicator is above its trigger line and here the trigger is already positive. On the intermediate term the rating is fully BULLISH. The short term moving average line is confirming this rating.
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On the short term all is also positive. The Index remains above its positive moving average line. The momentum indicator remains well inside its positive zone above its positive trigger line. The only cautionary indicator is the momentum indicator. It had just touched its overbought line and is slowly reacting lower confirming the slowdown in the positive Index trend over the past few days. Anyway, the short term rating remains BULLISH. The very short term moving average line has been above trhe short term line most of July and remains there for confirmation of the bull.
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As for the immediate direction of least resistance, I would like that to be to the up side buit unfortunately the indicators are still in a reaction mode. I would expect some more downside or at the best, lateral drift. Any down side is not expected to be serious. I will therefor go with the lateral direction.
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