Major Market Swing Signal (End of Day) Thursday 6-30-22
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The Major Indexes closed down today after having wild swings up and down.
The Major Indexes are now trading Below and closed back Below their 21-day, 9-day, and 5-day MA's on the daily charts, which is Negative Action. They have some key Support Levels to watch on the Weekly Charts also
The percentage of stocks in a Bullish Upswing in all categories has now turned Very Bearish again.
The percentage of Stocks in a Bullish Upswing for all Categories are
10% of the Dow Jones is on an Upswing
18% of the S&P 100 is on an Upswing
14% of the Nasdaq 100 is on an Upswing
15% of all Three Indexes Top Holdings is on an Upswing
The Rally Attempt, On all the Major Indexes NOW HAVE A 70% to 80% CHANCE OF FAILING. We have undercut the Low of the Follow-Through Day. This is very Negative Action
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,
Friday, July 1, 2022,ISM Manufacturing PMI (Jun) @ 10:00 am (this will be a gauge of inflation). This can cause prices to trade down if comes in much worst than expected
The Bulls are starting to lose this fight. We are in a New Confirmed Rally, But don't forget the Rally attempt now has a 70% to 80% chance of failing. Also, the overall trend is still Down and we are still in a Bear Market.