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The percentage of Stocks in a Bullish Upswing for all Categories are
20% of the Dow Jones is on an Upswing
14% of the S&P 100 is on an Upswing
26% of the Nasdaq 100 is on an Upswing
20% of all Three Indexes Top Holdings is on an Upswing
The Major Indexes closed up slightly on Thursday but that doesn't mean anything really it's just one day in a weak-looking market
The Major Market Swing is still Very Bearish. When this starts to change we must focus and be on the lookout for a possible bounce to the upside
The Market Breadth is still WEAK, If the breadth continues to stay WEAK the Major indexes may continue to sell off, but it is at levels where a bounce to the upside can occur
The Adv.-Decl, Issues Diff Green Line is still below Zero but flat near the Zero Line. This is showing weakness in the market because it is still below Zero but not a lot
The Important thing, for now, is that the Major Indexes all found support at the 50Day, 150-day, or 200-Day MA's. Which are long-term Key Moving Averages. This is where the market could bounce to the upside
We spoke about the possibility of the 150-Day MA and the 200-Day MA holding as Support. If the market can not break below these Key MA's then it's possible that we can see higher stock prices, But if Prices break Below and close below these Long-Term Moving Averages then lower prices can be coming
Look at the Charts from Wednesday's Moring Note 2-22-23, nothing has really changed yet all the Levels from Wednesday's morning note still apply
Economic Reports
Friday Is the PCE this is the Fed's Main Gauge of Inflation. If PCE comes out High the market could take a HARD FALL
Watch out for what the Fed members may say Friday Morning
Things can change quickly this week. Be Careful
Friday, February 24, 2023
@ 8:30 am Core PCE Price Index (MoM) (Jan) (This could be a market mover)
@ 8:30 am Core PCE Price Index (YoY) (Jan) (This could be a market mover)
@ 8:30 am PCE price index (MoM) (Jan) (This could be a market mover)
@ 8:30 am PCE Price index (YoY) (Jan) (This could be a market mover)
@ 8:30 am Personal Income (MoM) (Jan)
@ 8:30 am Personal Spending (MoM) (Jan)
@ 8:30 am Real Personal Consumption (MoM) (Jan)
@ 10:00 am Michigan Consumer Expectations (Feb) (This could be a market mover)
@ 10:00 am Michigan Consumer Sentiment (Feb) (This could be a market mover)
@ 10:00 am Michigan Inflation Expectations (Feb)
@ 10:00 am New Home Sales (Jan)
@10:00 am New Home Sales (MoM) (Jan)
@ 10:15 pm FOMC Member Mester Speaks (This will be a market mover)
@ 3:30 am CFTC Nasdaq 100 speculative net position
@ 3:30 am CFTC S&P 500 speculative net positions
The Bulls and Bears are fighting for control right now, But the Major Market Indexes are at Key Levels on the Chart.
This can change quickly. Be Careful
Thank You
Rod
BTA
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