Market MATH & Watchlist
31-Sep-2024: Bullish Bias Continues
MATH: Momentum Anticipation and Trend by Homma:
MATH last week: Click the link
The most comprehensive article on Breadth and Anticipation:
As technical traders, We
“Anticipate, but confirm. Wish, but only react.”
Trend: “Percentage of stocks above 10-DMA”
After a slowdown the entire week, the plot tested the bullish boundary (50% mark) and bounced.
This adds a bullish bias.
Momentum: “10-day Rate of change”
Flattish around the bullish territory.
As long as it does not point down and descend near zero, the bias will be bullish.
N500 (same for N50):
Hits an All time high.
It did struggle around the ONP for 3 days.
Bias is for a leg up now.
Net4% Movers:
It threatened to go below zero last Thursday but the intraday plot showed a bullish reversal (marked).
The week closed with a strong bullish print of >5%
This maintains the bullish bias.
Anticipation:
I have a bullish bias.
3-4 days of momentum before any pullback.
(Of course, have a plan if the anticipation does not pan out. This goes for any anticipation)
Group Strength:
Strongest (short term and medium term):
Index:
Pharma-Health, IT, Oil&Gas
Strong Groups last week:
Pharma
IT
Sugar and Alcohol
Watch out for Strength:
Transformers
Railways
Aquaculture
Water infra
Watchlists:
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