Major Market Swing Signal (End of Day) Tuesday 2-14-23
This content and any associated materials are for informational, educational, and entertainment purposes only and nothing should be construed as a recommendation or rating to buy, hold, or sell any securities. BTA is not a licensed Adviser and can not give financial advice. Please see our Disclaimer on the Website
The percentage of Stocks in a Bullish Upswing for all Categories are
63% of the Dow Jones is on an Upswing
70% of the S&P 100 is on an Upswing
76% of the Nasdaq 100 is on an Upswing
71% of all Three Indexes Top Holdings is on an Upswing
The Swing has turned Bullish for the Categories and this is positive, But I have some mixed signals right now with some of our other Swing Indicators they are still bearish.
I need to see the other Swing Signals confirm the Major Market wing Signal above before going long
The Market had some wild Swings yesterday after the CPI report but as you will see in the charts below nothing really changed. Also, I have not changed my views on the charts either
A picture is worth a Thousand Words
Updated Charts as of Tuesday 2-14-23 Market Close
We are watching the Dow Jone Index. This Index still seems to be setting up for a possible move (I spoke about this over a week ago on 2-3-23).
I think this Index may be one of my upcoming trades. If so I will be using the DIA as the trading vehicle. The DIA is the ETF that tracks the Dow Jones Index.
Below is a Daily Structural Chart of the Dow Jones Index. Notice it is still trading just below the Horizontal Resistance line at 34,243.85 and slightly below the Downward Trending Trendline that has been in place all of 2022. There is also a Support Level at 33,613.03, the price has been finding support at this level for several days. I will be keeping a close eye on this Index.
Notice that the Dow Jones has been moving in a sideways channel for several days now
Below is a Daily Structural Chart of the DIA (the ETF that tracks the Dow Jones Index).
Like I stated above this will be the trading vehicle I'm using to follow the Dow Jone Index.
The Dow Jones is still inside of the Trendlines and Horizontal Levels.
I'm Looking for a break above and Close below the 343.50 Level (the Red Horizontal line) with good Volume
Or I'm Looking for a break below and Close below the 338.70 1st Level then 335.58 2nd Level (red line)
Below is a Daily Structural Chart of the S&P 500 Index. The price action is still inside the heavy consolidation area. This area is a strong resistance a break above and close above this level is positive. A break back below and close below will be negative
Below is a Daily Structural Chart of the Nasdaq Index. The price action is slightly inside the heavy consolidation area, This is a strong area of Resistance. A break above and close above this area would be positive and if the price stay below this area, then breaks below the 11,667.49 level this would be negative.
I am watching the following Securities for a possible trade up or down after the CPI report / Tuesday:
DIA - 343.50 Resistance Level and Support at 338.70 & 335.58
QQQ - The QQQ has Several Levels to Watch on the Weekly Charts we have Strong Resistance at 309.10 and 314.56 levels.
On the downside, I will have to see a break below and close below the 5 & 9-Day MA. Also then a break below and close below the daily level of 299.50 (always keep an eye on the 21-Day MA it can act as support or resistance). Then a break and close below the Weekly Support level at 297.45
Keep an eye on the support level on the 65 Min Chart @ 302.20 and 300.00 for an early indication that a move to the downside could be starting
IWM - A break below the 21-Day MA. Also Resistance @ 193.50 and support at 188.09 & 187.92
AAPL - Daily Chart resistance area between 154.70 and 155.25. The weekly resistance level at 157.26
On the Downside im watching the Weekly Support level at 150.00
Keep an eye on the AAPL 65 Min Chart for an early warning that the downside move may be starting
AMZN - Daily Resistance Level @ 101.10 and Support @ 97.50
Wednesday, February 15, 2023
@ 8:30 am Core Retail Sales (MoM) (Jan)
@ 8:30 am Retail Sales (MoM) (Jan)
@ 8:30 am NY Empire State Manufacturing Index (Feb)
@ 9:15 am Industrial Production (YoY) (Jan)
@ 9:15 am Industrial Production (MoM) (Jan)
@ 10:00 am Retail Inventories Ex Auto (Dec)
Thursday, February 16, 2023
@ 8:30 am Continuing Jobless Claims (This could be a market mover)
@ 8:30 am Initial Jobless Claims (This could be a market mover)
@ 8:30 am Jobless Claims 4-Week Avg (This could be a market mover)
@ 8:30 am Building Permits (Jan)
@ 8:30 am Building Permits (MoM) (Jan)
@ 8:30 am Housing Starts (MoM) (Jan)
@ 8:30 am Housing Starts (Jan)
@ 8:30 am Core PPI (MoM) (Jan)
@ 8:30 am PPI (MoM) (Jan)
@ 8:30 am Philadelphia Fed Manufacturing Index (Feb)
@ 8:30 am Philly Fed Employment (Feb)
@ 8:45 am FOMC Member Mester Speaks
@ 13:30 pm FOMC Member Bullard Speaks
Friday, February 17, 2023
@ 8:45 am FOMC Member Bowman Speaks
@ 10:00 am US Leading Index (MoM) (Jan)
@ 10:00 am CFTC Nasdaq 100 speculative net positions
@ 3:30 pm CFTC S&P 500 speculative net positions
The Bulls and Bears are fighting for control of the Market, but the market is in a Confirmed Uptrend. The Market Breadth is not looking that great