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Major Market Swing Signal (End of Day) Thursday 1-19-23

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The percentage of Stocks in a Bullish Upswing for all Categories are


10% of the Dow Jones 30 is on an Upswing


11% of the S&P 100 is on an Upswing


23% of the Nasdaq 100 is on an Upswing


30% of all Three Indexes Top Holdings is on an Upswing



Until the SWING Signals CHANGES BACK TO BULLISH in the majority of the categories I'm going to be very cautious


Thursday was not a good day for the Markets. The Dow Jones was down 0.76%, the S&P 500 was down 0.76% and the Nasdaq was down 0.96%.


The important thing to remember is that the S&P 500, The Nasdaq and the IWM are all finding Support at their 21-Day MA and at least one Longer-Term MA. So taking a Short position could be dangerous until the Market breaks these levels but,


I can't go long at this time either because we have resistance at the 200 Day MA for the S&P 500 and the IWM. Also Resistance t the 150-Day MA for the Nasdaq


This is a waiting period for me until these Key Levels are broken.


This is Still the situation


All Three of the Major Indexes GOT REJECTED at the long-term downward trending trendlines on the Weekly Charts. These trend lines have been in place for the whole year of 2022.


Each time the Indexes tried to break above the trendline it has gotten rejected. The indexes got rejected at this long-term downward trending trendline THREE times in 2022.


The market HAS NOW GOTTEN REJECTED for the 4th time. The question is will it CONTINUE TO TRADE LOWER or try to retest the downward trendline to the upside (only time will tell)


Earnings have now kicked off. Be careful of companies that are scheduled to report earnings it can cause the stock to DROP hard


REMEMBER THE DEBT CEILING has BEEN REACHED ON THURSDAY 1-19-2023. THIS COULD BECOME A ISSUE FOR STOCKS. IT IS A STRONG POSSIBILITY THAT THIS COULD PUSH THE MARKET DOWN (THE MORE THEY FIGHT THE LOWER IT COULD GO)


The Economic News that came out this week was not good in my opinion SOON BAD NEWS WILL BE BAD NEWS


Economic Reports


THIS IS A PACKED WEEK OF ECONOMIC DATA AND FED. MEMBER SPEAKERS BE READY FOR SOME WILD PRICE SWINGS FROM DAY TO DAY


Friday, July 15, 2023,


@ 9:00 am FOMC Member Harker Speaks (This could be a market mover)


@ 10:00 am Existing Home Sales (MoM) (Dec)


@ 10:00 am Existing Home Sales (Dec) (This could be a market mover)


@ 3:30 pm CFTC Nasdaq 100 speculative net positions (This could be a market mover)


@ 3:30 pm CFTC S&P 500 speculative net positions (This could be a market mover)


We are in earnings season so we must be careful


Thank You

Rod

BTA

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