Major Market Swing Signal (End of Day) Tuesday 5-10-22
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17% of the Dow Jones is on an Upswing
20% of the S&P 100 is on an Upswing
11% of the Nasdaq 100 is on an Upswing
13% of all Three Indexes Top Holdings is on an Upswing
All of the Categories had a decrease in their bullish swing percentage. The major indexes are still selling off.
We are at very bearish readings on the Bullish Swing percentage and the percentage of stocks below their 200-day moving averages is also starting to reach very low levels, These levels are only seen every few years.
The Market Breadth is starting to reach extreme low levels. They are starting to reach levels to could produce a bounce in the market. Only 15% of the USA market is above its 200 Day Moving Average. The bounce could just be temporary or it could lead to something more
Also on the weekly charts, the indexes are below their 100 Week and approaching their 200 Week moving averages. The Indexes only break these weekly moving averages every few years, and they don't normally stay below them long (a few weeks at most) before bouncing and going back up
We have to be on the lookout for the market to bottom and go on a move upward, even if it's just a relief rally and not the start of a new bull run. The charts will tell us
The market is still in CORRECTION and we have to wait for a Follow-Through Day to give us the green light