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BPNYA or NYSE Bullish Percent Index

The BPNYA or NYSE Bullish Percent Index measures the breadth of the New York Stock Exchange. Technical analysts use the BPNYA to identify the trend and changes in the trend of the NYSE. Users of stockcharts.com need to add a $ to the beginning of the symbol ($BPNYA).

For those who wish to understand the Bullish Percent Index Calculation please see the end of this article.

How to Use the BPNYA

Investors use the BPNYA to identify changes in the trend as defined by the NYSE. When the BPNYA changes direction it is telling us the trend for the NYSE is changing as well. In addition, when the BPNYA gives a reading below 30%, we have an oversold situation. A reading of 20% indicates an even stronger oversold situation. Both readings are telling investors the market is likely to turn up, reversing its trend.

An overbought condition takes place when the BPNYA gives a reading above 70%. Even stronger overbought signals are given when the BPNYA rises above 80. When the index reverses course and turns down, investors believe the trend is turning down.

Many technical analysts apply various indicators to help improve the trend reversal signals when using the BPNYA. They include the moving average, the Parabolic SAR, the Moving Average Convergence Divergence (MACD) indicator, the Relative Strength Indicator (RSI), and the Slow Stochastic.

When the NYSE Bullish Percent Index is trending up, so is the market. The same holds when the NYSE Bullish Percent Index is trending down. This makes reversals in the BPNYA important events, as they indicate the market is reversing its trend. The NYSE Bullish Percent Index seems to work best for daily, weekly and monthly periods.

BPNYA Example

Below is a three year daily chart of the BPNYA showing buy and sell signals. The chart highlights the overbought 70 and the oversold 30 levels. The MACD and the RSI indicators provide confirmation of the buy and sell signals. The NYSE index is on the top of the chart for reference.

The 20-day moving average of the BPNYA indicator provides the signal line when the indicator reverses its trend. A cross of the BPNYA down through the 20-day signal line is a sell signal. When this signal occurs above the 70 level it offers an even more valid signal. When the MACD falls through its 9-day moving average we receive confirmation of the trend reversal. The RSI offers further confirmation of change in the trend when it falls through the 70 level.

When the BPNYA reaches an oversold condition, below the 30 level, it is a good sign the market will slow its down trend and then reverse in the near future. Again, the 20-day moving average, acting as the signal line, is useful as the BPNYA turns up through it, giving a buy signal. The MACD rising through its 9-day moving average helps to confirm this trend reversal signal. When the RSI rises through its 30 level it adds further confirmation to the reversal of the trend.

There are times when the BPNYA does not reach its oversold or overbought condition and they reverses course. When this occurs, it is a possible sign of a trend reversal, though you need to be cautious. this could be a brief reversal of a larger trend. Be sure to examine the monthly and weekly charts of the BPNYA to see the big picture.

As shown, the MACD, the RSI and the ROC Indicator are some of the indicators that investors use to help identify buy and sell signals.

BPNYA or Bullish Percent Index Calculation

The calculation of the BPNYA or Bullish Percent Index is based on the point and figure chart system.

NYSE stocks that have a point and figure buy signal are added together. This number is divided by the total number of stocks in the NYSE. Theoretically, a bullish percent chart can span from 0% to 100% where no stock in the index has a point and figure buy signal or where they all do. This rarely happens, as it tends to oscillate between 70% and 30%.

Fortunately, Stockcharts.com performs the BPNYA or NYSE Bullish Percent calculation for you. Some of the other charting services also provide this service.


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