Major Market Swing Signal (End of Day) Friday 6-3-22
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The Major Indexes traded down on Friday by over 1%. The QQQ was the biggest loser trading down 2.73%. All the Major Indexes found support around its 21 Day MA and LOIS.
Momentum seems to be slowing and the Volume Bars are below average and getting smaller as the Rally tries to continue. The volume looks like it is coming out of the Market according to the On Balance Volume Indicator. Also, we had a Bearish INSIDE DAY on all the Major Index ETFs.
Almost all the stocks in each Category are still in bullish Upswings except for the Dow which has turned NEUTRAL, But that will change Monday if the Indexes break the support level of the 21 Day MA and LOIS
50% of the Dow Jones is on an Upswing
52% of the S&P 100 is on an Upswing
62% of the Nasdaq 100 is on an Upswing
58% of all Three Indexes Top Holdings is on an Upswing
The Advance-Decline Diff Invisible Chart Indicators are starting to look a lot weaker with the Yellow Line crossing back below the Red line. Also, the Yellow line is moving back below the Zero Line. This is negative for the strength of the Rally. If the Rally is to continue the Yellow Line will have to get back above the Zero Line and cross back above the Red Line
Remember with the recent Distribution, we got on the S&P 500 The rally has a 50% chance of failure. Let's see if it can hold on
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy closed below the Pivot Point of the Signal Week and closed near the 8 Week MA on all the Major Index ETFs (DIA, SPY, QQQ, IWM, and ITOT). See the recent videos I posted on our Youtube channel explaining this and our plan of action for next week.
Title: Is the Weekly Bollinger Band a GO?
On the Economic reports, we have a light week, not much Economic news is coming out until Thursday 6-9-22 Initial Jobless Claims, and Friday 6-10-22 Core CPI (this will give us a read on Inflation)
The BULLS are in control for now and the Market is now on a confirmed Upswing