This will be a shortened review as the market’smovement was minimal this past week.
The three major averages, after a nice rise on Monday and Tuesday, faltered the rest of the week. For the week the DJIA gained 0.17%, the NASDAQ advanced 0.47% and the S&P 500 jumped 0.05%. The DJIA has risen seven in a row, and is the only major average to exceed its 200-dma last week.
The NASDAQ Composite is still 159 points away from its 200-dma, but has managed to stay above its 7274 red support line on the chart. We will see if the 200-dma can be exceeded this week or the market decline on Thursday and Friday continues.
The percentage of NYSE stocks above their 50-dma advanced to 79.28% but peaked at 86% on Tuesday and then fell off, but still above the 77.65% of the prior week. Usually, when this extreme bullish level (86%) is reached the market usually declines. That may be the case here. Make sure your stop LIMITs are in place.
We are 100% invested in our five ETF portfolio which was down 0.12% for the week with a gain for the year at 1.99% compared to 9.99% for the NASDAQ, 7.63% for the DJI, and 8.02% for the S&P 500.
On Monday February 4, Indicator #2 had a BUY signal as the NASDAQ crossed over its 100-dma and stayed there by the Friday close by 48 points. Therefore, the BDH dashboard is on a maximum “4” BUY signal.
The updated Dashboard is as follows: Version 2 Dashboard Weekly Results February 8, 2019
Have a good week ahead!