market is tiredin spite of going back to the highs, "the market" seems quite tired, my own internals are no where near the highs, as many of my holdings/funds are not participating along with the indexes. value line geometric shows this best I think.
market seemed to know this easing trade war headline was coming, as always, price proceeds news
VALUG trade ideas
INDEX: VALUE LINE GEOMETRICThe Value Line Composite Index is a stock index containing approximately 1,675 companies from the NYSE, American Stock Exchange, Nasdaq, Toronto, and over-the-counter markets. The Value Line Composite Index has two forms: The Value Line Geometric Composite Index (the original equally weighted index) and the Value Line Arithmetic Composite Index (an index which mirrors changes if a portfolio held equal amounts of stock.) These indexes are typically published in the Value Line Investment Survey, created by Arnold Bernhard, the founder, and CEO of Value Line Inc.
The Value Line Geometric Composite Index is the original index released, and launched on June 30, 1961. It is an equally weighted index using a geometric average. Because it is based on a geometric average the daily change is closest to the median stock price change. The daily price change of the Value Line Geometric Composite Index is found by multiplying the ratio of each stock's closing price to its previous closing price, and raising that result to the reciprocal of the total number of stocks.
As market participants, we should be taking a scientific approach when putting money to work, always assuming our positions are wrong and need to prove themselves. As part of that process, one piece of evidence we want to look at on a consistent basis is the health of the overall market. One such way to gauge market health is studying market breadth. In other words, how many stocks are actually participating in any directional move. That's why we're writing today about an index you might not be aware of but should be familiar with.
M timeframe BULL
W timeframe BULL
D timeframe BULL
2018 NEW ATH
MACD M bullish momentum BULL
2009-2019 UPTREND TREND LINE ACTS AS SUPPORT
VERTICAL GREEN LINES show previous moments in history where M MACD have advanced to the upside into positive territory and have gained bullish momentum BULL
SUPPORT/RESISTANCE 1998,2007 resistance acts as support BULL
FIBONACCI LEVELS act as support BULL
IR CUTS -> RISK ON ASSETS APPRECIATION
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VALUG - Value Line (geometric) 2 countsSo here's the question...... Are we just observing a series of very bullish 1-2, 1-2's to be followed by a booming wave 3 or was the move up from 2009 a B wave as part of a deeper flat correction (expanded or running , could be either)? One thing is for sure, where we are now with that line of major resistance, certainly makes for a make or break situation in the coming weeks and months. Interesting times.
