Major Market Swing Signal (End of Day) Thursday 6-23-22
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All the Major Indexes closed up today, the Nasdaq closed the strongest up 1,6% for the Day. The Major Indexes are now trading above their 5 and 9-period MA's on the daily charts, which is positive. They have some key levels to watch on the Weekly Charts
The percentage of stocks in a Bullish Upswing has improved with two categories in the Very Bullish Phase now. The percentage of Stocks in a Bullish Upswing for all Categories are
60% of the Dow Jones is on an Upswing
66% of the S&P 100 is on an Upswing
76% of the Nasdaq 100 is on an Upswing
72% of all Three Indexes Top Holdings is on an Upswing
All the Major Indexes now have a New First Day Rally Attempt and the count for a Follow-Through has now started.
The Nasdaq had anunverified Follow-Through day today. The Nasdaq closed up for the day with a large enough Percentage gain to qualify for a Follow-Through Day but the Volume was Mixed giving us an unverified signal.
The Volume was Lower than the previous day on the Marketsmith Platform, but on our Trading Platforms the Volume was slightly higher than the previous day
We hope to get an additional Follow-Through Day with both platforms confirming each other with the volume
The Advance-Decline Diff Invisible Chart Indicators are still in the negative territory. The Green Line is below the Yellow and Red Lines and all three are below Zero. Telling us to be more in cash
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy has now completed the Set-Up week on all the Major Index ETFs (DIA, SPY, QQQ, IWM, and ITOT). We are now looking for the Signal week this week. The Bollinger Band trading Strategy is now reset.
In regards to Economic reports. This week will be a big week for Housing Stocks on Friday important numbers come out that could cause more pressure on housing stocks.