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All the Categories are still at Very Bearish readings and they are at very low levels. The Bullish Swing Percentage (Percentage of stocks under the hood in a bullish UpSwing) for the Indexes are:
13% of the Dow Jones is on an Upswing
27% of the S&P 100 is on an Upswing
28% of the Nasdaq 100 is on an Upswing
27% of all Three Indexes Top Holdings is on an Upswing
Today the market continued to trade down. The market rallied in the last 30 minutes of trading to close mixed on the day (up slightly on the DOW and S&P 500 but down slightly on the Nasdaq). The Market has very large swings up and down during the day trading action, we believe looking at the longer-term time frames FIRST (Weekly, Monthly) is the safest way to trade this market
The Follow-Through day on the Nasdaq has failed. The price today undercut the Low of the 1st Day rally attempt. The Market condition has now been changed back to Market in CORRECTION. As we stated before not all follow-through days succeed some fail but NO Bull Market has ever started without a follow-through day
We must now start the process all over again and look for another 1st-day rally attempt and start the count for the Follow-Through Day
We believe that there is going to be a GREAT BUYING OPPORTUNITY SOON after the Bear Market and possible Recession is complete
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy has now completed the Set-Up part of the strategy on all the Major Indexes ETFs (DIA, SPY, QQQ, IWM, and VTI). We are now waiting for the Signal Week to complete
It is possible that the Market could find a bottom and bounce soon we are at extremes on all our key breadth indicators. The Past 25 Years have shown us it won't stay at these levels long. Also, the Major Market swing Signal is now back at extremely low levels
Also, our best Breadth indicator for finding bottoms is showing strange signs of improvement, while the market is selling off and fear is mounting amount traders
We think that the Indexes are at a critical point now it will either bounce soon and rally off the bottom or start another leg down in this Bear Market.
We can only look at the charts and history as our guide. Our Breadth indicators and the Weekly VIX Spike History will tell us which way this market will go
It is important to watch the videos from our meetings on Monday and Thursday this week. I explained clearly the breadth indicators to watch and how the Weekly VIX Spike History works. Also, we went over the Weekly Bollinger Band Strategy
Sorry for the delay but I will post BTA Stock Watchlist also, I will be posting some charts of the Market Breadth
The BEARS have taken control for now and the Market is back in CORRECTION.
Thank You
BTA