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Major Market Swing Signal (End of Day) Monday 5-2-22

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23% of the Dow Jones is on an Upswing

19% of the S&P 100 is on an Upswing

33% of the Nasdaq 100 is on an Upswing

26% of all Three Indexes Top Holdings is on an Upswing

Notice the change from Friday (4-29-22)

The Dow Jones Bullish Swing Percentage decreased a by 7% Changing the Swing to Very Bearish

The S&P 100 Bullish Swing Percentage decreased by 8% the Swing remains Very Bearish

The Nasdaq 100 Bullish Swing Percentage decreased a by 6% the Swing remains Bearish

All the Top Holdings Bullish Swing Percentage decreased by 12% Changing the Swing to Very Bearish

Notice that all three of the categories decreased slightly and two categories the Dow Jones and the Top Holding actually changed to Very Bearish.

The Question is? if yesterday's rally at the end of the day was supposed to be a bottom according to most on social media and the news. Then why is it that the Stocks under the hood, inside of the indexes still so weak? The Bullish Swing Percentages are still Bearish and turning Very Bearish for some categories. This has to improve before we believe it truly a bottom in the market

The Indexes are now inside of or just below key support levels on the daily and weekly charts. It is possible that they find support at these levels

The market is still in CORRECTION and we have to wait for a Follow-Through Day to give us the green light

This is a dangerous time to trade, and keeping more cash on the side may not be a bad idea until we get the Follow-Through Day

The BEARS are still in control for now

Thank You


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