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Stocks: Looking Under the Hood of All Those 52-Week Highs

"We pay attention to over a hundred indicators"

by Bob Stokes
Updated: June 13, 2019

What will the stock market do next?

Both fundamental and technical analysts seek the answer to that question.

Fundamental analysts do so by looking at factors outside of the market: government policy, corporate earnings, Federal Reserve statements, the status of international trade and the list goes on.

On the other hand, technical analysts study the market itself: chart patterns, trading volume, momentum and many other indicators.

As EWI's Chief Market Analyst Steve Hochberg noted in May:

We pay attention to over a hundred indicators.

Here's one that our June 10 U.S. Short Term Update discussed:

52WeekHighLows

Last week's rally was attended by an expansion in the net number of new 52-week highs. In the S&P 500, 23% of the index's members pushed to new 52-week highs on June 7, which is the largest percentage since January 2018. Interestingly, the majority of these stocks came primarily from defensive sectors, such as consumer staples, utilities and some real estate stocks.

The publication goes on to tell subscribers what the strength in these defensive sectors implies.

Moreover, while still on the subject of indicators, the just-published June Elliott Wave Theorist mentioned the TICK and the TRIN.

The TICK is calculated by substracting the number of NYSE falling stocks from rising stocks. A positive number means more stocks are rising than falling and a negative number means the opposite.

When the TICK approaches +1000 or -1000, overbought or oversold extremes have been reached.

TRIN is the Short-Term Trading Index and compares the number of advancing and declining stocks to advancing and declining volume.

The new Theorist explains why these two indicators are particularly important to watch at this juncture.

The most important "indicator" of all is the Elliott wave model, and the new Theorist also spells out what the DJIA's chart pattern indicates into the year 2021.

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