For the week ending May 2, 2014, the CI Market Dashboard had two bullish signals, three bearish and four neutral.
The iShares Dow Jones U.S. Index Fund (IYY) gained 0.95% for the week to close at $95. Once again, the ETF tested the $95 level but failed to break through it
Market Dashboard indicators worth discussing this week are:
- IYY remained above its 100-day simple moving average, so the iShares Dow Jones Index Fund indicator remains bullish. The difference between IYY’s closing price and the moving average grew to 2.3%.
- IYY’s MACD line (+0.267) was above the signal line (+0.169) at the close of this week, so the indicator remains bullish.
- The percentage of NYSE stocks trading above their 50-day moving average (60.6%) continues to be bearish until its reading either falls below the 25% bullish threshold and then rebounds above 25%, or no subsequent confirming bearish signal is generated before the current bearish signal goes “stale” and reverts back to neutral on September 12, 2014.
- The NYSE Bullish Percentage P&F chart (66.06%) continues to be bearish until its reading either falls below the 30% bullish threshold and then moves back above it or no subsequent confirming bearish signal is generated by it moving back above the 70% bearish threshold and falling back below it. If no new signals are generated before then, the signal will go “stale” and revert back to neutral on October 10, 2014.
- The NASDAQ Summation Index Moving Average Crossover with MACD Confirmation indicator went neutral this week from last week’s bearish reading. While $NASI (-333.95) closed the week below its five-day exponential moving average (-307.62), the MACD line of $NASI (-119.033) crossed above the signal line (-121.285). These contradicting signals caused the indicator to go neutral.
- It came to my attention that the AAII Investor Sentiment Survey Bullish Percentage indicator should be bearish. The bullish percentage rose above the 50% bearish threshold on December 26, 2013, and fell back below it on January 2, 2014, which generated a bearish reading. If the indicator does not issue a subsequent bearish signal, or it doesn’t fall below the bullish threshold at 25% and then rise above it for a bullish signal, it will remain BEARISH until June 26, 2014. At which point, the signal will go “stale” and revert back to neutral.