Major Market Swing Signal (End of Day) Friday 6-17-22
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The Major Indexes finished Flat today. All the Major Indexes closed pretty much unchanged except for the Nasdaq and IWM which closed up over 1%.
The Major Indexes are below all the Key Moving Averages on the Daily and Weekly Charts
The S&P 500, Nasdaq, and IWM are all on a New First Day Rally attempt, we can now start the count looking for a Follow-Through Day.
The percentage of stocks in a Bullish Upswing is very Low in all the Categories.
1% of the Dow Jones is on an Upswing
9% of the S&P 100 is on an Upswing
17% of the Nasdaq 100 is on an Upswing
12% of all Three Indexes Top Holdings is on an Upswing
The Advance-Decline Diff Invisible Chart Indicators are back in negative territory and telling us to be more in cash and move more to the sidelines
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy has now completed the Set-Up week on all the Major Index ETFs (DIA, SPY, QQQ, IWM, and ITOT). We can now look for the Signal week next week. The Bollinger Band trading Strategy is now reset.
In regards to Economic reports. This week will be a big week for Housing Stocks. Tuesday and Friday important numbers come out that could cause more pressure on housing stocks. Can Fed Chair Powell calm the Market down and reduce the Fear when he Testifies on Wednesday? He could cause a Pop or Drop. Lol (watch the charts)
Tuesday 6-21-22 Existing Home Sales come out @ 10:30 am
Wednesday, June 22, 2022, Fed Chair Powell Testifies @ 9:30 am
Thursday, June 23, 2022, Initial Jobless Claims @ 8:30 am
Friday, June 24, 2022, New Home Sales (May)
The BEARS are FIRMLY in control now. The Bear Market is now back in place