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The Major Indexes closed up slightly today after having wild swings up and down the indexes closed up 1%
The Major Indexes are now trading at their 9-day, and 5-day MA's on the daily charts, and just below the 21 Day MA which is still Negative Action. They have some key Support Levels to watch on the Weekly Charts also
The percentage of stocks in a Bullish Upswing in all categories has now turned to Bearish again today from Very Bearish.
The percentage of Stocks in a Bullish Upswing for all Categories are
33% of the Dow Jones is on an Upswing
41% of the S&P 100 is on an Upswing
39% of the Nasdaq 100 is on an Upswing
41% of all Three Indexes Top Holdings is on an Upswing
The Rally Attempt, On all the Major Indexes NOW HAVE A 70% to 80% CHANCE OF FAILING. We have undercut the Low of the Follow-Through Day. This is very Negative Action
The Advance-Decline Diff Invisible Chart Indicators is somewhat Positive. The Green Line is above the Yellow Line and Red Line also the Green Line is above Zero, but the Yellow and the Red are below Zero and flat
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 still looking for the Signal week this week. The Bollinger Band trading Strategy is now reset.
Economic Reports
In regards to Economic reports, Next Week is going to be a BIG WEEK of Economic News,
We have to LOOK OUT ON Wednesday we have The FED Meeting Minutes coming out at 2 pm this could be a Market Mover also Key Manufacturing Numbers coming out from 9:45 am to 10:00 am
Tuesday, July 5, 2022 Factory Orders (MoM) (May) @ 10am
This is a Big Day
Wednesday, July 6 2022 S&P Global Composite PMI (Jun) and Services PMI (Jun) @ 9:45 am
Wednesday, July 6 2022 ISM Non-Manufacturing PMI (Jun) @ 10:00 am (This could be a market mover)
Wednesday, July 6 2022 JOLTs Job Openings (May) @ 10:00 am (This could be a market mover)
Wednesday, July 6 2022 FOMC Meeting Minutes @ 2 pm (This could be a market mover)
Thursday, July 7 2022 ADP Nonfarm Employment Change (Jun) @ 8:15 am and Initial Jobless Claims at 8:30 am (This could be a market mover)
Thursday, July 7 2022 FOMC Member Bullard Speaks @ 1 pm
Friday, July 8, 2022, Nonfarm Payrolls (Jun) @ 8:00 am (This could be a market mover)
Friday, July 8, 2022, Unemployment Rate (Jun) @ 8:30 am (This could be a market mover)
The Bulls are starting to lose this fight. We are in a New Confirmed Rally but it is Under Pressure. Don't forget the Rally attempt now has a 70% to 80% chance of failing. Also, the overall trend is still Down and we are still in a Bear Market.
REMEMBER the Market is Closed on MONDAY for the 4th of July
Thank You
BTA