Currently, 70.7% of stocks are within their normal trading range and considered a Hold. This is 2.9 points lower than this time last month and 7.4 points lower than 2 months ago. The distribution has tilted toward the Sell/Sell Watch side of the scale by 2.7 points which is following a 2.9 points tilt to this side last month. Buy and Buy Watch side gave up 0.3 points. Currently, 8.4% of the market is considered a Buy or Buy Watch while 21.0% of the market is considered a Sell or Sell Watch.
Currently, 73.6% of stocks are within their normal trading range and considered a Hold. This is 4.5 points lower than this time last month. The distribution has become flatter. Most of the movement was predominately to the Sell and Sell Watch side (2.9 points) to 18.3% up from 15.4%. Buy and Buy Watch side also gained 1.6 points. The curve has moved by 1.3 points to the Sell, Sell Watch side of the distribution. We have returned to a higher relative Fv position in large cap stocks at 108.4% while mid cap moved into cautionary territory at 121.1%. Small cap remains between the two at 114.6% and has turned positive year-to-date
Currently, 78.1% of stocks are within their normal trading range and considered a Hold. While over the past 24 months the number of stocks moving to the Sell and Sell Watch side of the balance have increased, we have noticed that in the past 30 days over 1% of the stock universe have moved back to Hold. This is a good sign that overvaluation pressures were reduced over the past month. The Buy and Buy Watch side of the market remained stable at 6.5%.