Technical Market Report For Saturday, Jan. 23

 1997-1      -0.71% 1   0.00% 2   0.98% 3   1.51% 4   0.25% 5     2.03%

 

 Avg          0.09%     0.38%     0.13%     0.62%     0.14%       1.37%

 

 2001-1      -0.50% 4  -0.19% 5   0.68% 1   0.70% 2  -0.56% 3     0.13%

 2005-1       0.40% 2   0.48% 3   0.04% 4  -0.27% 5   0.85% 1     1.50%

 2009-1       0.56% 1   1.09% 2   3.36% 3  -3.31% 4  -2.28% 5    -0.59%

 2013-1       0.54% 5  -0.18% 1   0.51% 2  -0.39% 3  -0.26% 4     0.22%

 2017-1       0.80% 3  -0.07% 4  -0.09% 5  -0.60% 1  -0.09% 2    -0.05%

 

 Avg          0.36%     0.23%     0.90%    -0.77%    -0.47%       0.24%

 

SPX summary for PY1 1929 - 2017

Averages     -0.05%     0.07%     0.13%     0.03%     0.02%       0.20%

% Winners       48%       48%       57%       65%       61%         61%

MDD  1/30/2009  5.52% --  1/30/1941  4.29% --  1/31/1933  2.25%

 

SPX summary for all years 1928 - 2020

Averages     -0.05%     0.15%     0.02%     0.09%     0.23%       0.45%

% Winners       52%       52%       46%       60%       61%         56%

MDD 1/29/1938  6.33% --  1/30/2009  5.52% --  1/30/1932  5.05%

Conclusion

It’s the same old story; strong breadth with the secondaries leading the blue chips upward; that is about as good as it gets.

The strongest sectors last week were Electronics and Telecom while the weakest were Basic Materials and Precious Metals. 

I expect the major averages to be higher on Friday January 29 than they were on Friday January 22. 

 

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