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The Major Indexes traded flat on Monday. They Closed up but just by a little. The indexes are trading between a downward trending 50 Day MA and a flat 21 Day MA. This is a sign of indecision. The Market will have to make a move above Resistance or Below Support soon
The Market opened strong and lost most of the gains by the end of the Day. Strong opens and weak closes are the signs of a market that wants to go lower.
Momentum seems to be slowing and Volume does not seem to be coming into the market much. This is a sign that the Big Investors are not buying
The percentage of stocks in a Bullish Upswing is starting to decrease as the Market moves sideways
43% of the Dow Jones is on an Upswing
49% of the S&P 100 is on an Upswing
58% of the Nasdaq 100 is on an Upswing
54% of all Three Indexes Top Holdings is on an Upswing
The Advance-Decline Diff Invisible Chart Indicators are starting to look a lot weaker the Red line is flat and crossing below the Zero Line. This is negative for the strength of the Rally.
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 is below the Pivot Point and trading near the 8 Week MA on all the Major Index ETFs (DIA, SPY, QQQ, IWM, and ITOT).
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 but they are losing some ground to the Bears
Thank You
BTA