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Major Market Swing Signal (End of Day) Tuesday 2-21-23

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


26% of the Dow Jones is on an Upswing


22% of the S&P 100 is on an Upswing


17% of the Nasdaq 100 is on an Upswing


18% of all Three Indexes Top Holdings is on an Upswing


The Major Indexes closed down Hard on Tuesday and closed at the Lower end of their ranges. The Dow Jones was down 2.06%, the S&P 500 was down 2.00%, and the Nasdaq was down 2.50%

The only thing was the Volume was not high. Being that we are short the Market I would have liked to see Heavy Volume with the sell-off, this would have told us that the big institutions were also selling


The Market Breadth is VERY WEAK, If the breadth continues to stay WEAK the Major indexes may continue to sell off.


The Adv.-Decl, Issues Diff Green Line is below., and pointing straight down. This is showing a lot of weakness in the market. This is exactly what we want to see when short the Market


The Market Sold off just like we wanted and our positions are Profitable.


The important thing now is to manage our positions to lock in as much of the profits as we can


The charts below are telling us to be careful and not get too greedy. The Price Action is approaching some Key Moving Averages that can act as SUPPORT


A picture is worth a Thousand Words



Charts updated as of Tuesday 2-21-2023


Below is a Daily Structural Chart of the Dow Jones Index.

Notice the Price Action is at the Internal Trendlines and the Horozantil level of 33,150.33. These levels are possible support the Price could bonce here

If the Price Action does not break through the support or we will be taking half the profits and letting the rest run a little


Below is a Daily Chart of the Dow Jones Index with the Key MA's. Notice that the Price action is right on top of the 150-Day MA. This can act as an area of support. The Market can bounce off this level.

We need to see the Price Action break below the 150-day MA,


If the Price Action does not break through the support. We will be taking half the profits and letting the rest run a little


Look at the DIA the ETF that tracks the Dow Jones. The same thing is occurring


Below is a Daily Structural Chart of the S&P 500 Index.

Notice the Possible Support Level at 3983.58, and the Internal Trendline

Another question is can the 4000 level on the S&P 500 hold as Resistance? We will hold our positions as long as it can

If the Price Action does not break through the support. We will be taking half the profits and letting the rest run a little


Below is a Daily Chart of the S&P 500 Index with the Key MA's. Notice that the Price action is right on top of the 63-Day Ma, 150-Day MA, and 50-Day MA. This can act as an area of strong support. The Market can bounce off this level.

We need to see the Price Action break below these Moving Averages


If the Price Action does not break through the support. We will be taking half the profits and letting the rest run a little


Look at the SPY the ETF that tracks the S&P 500. The same thing is occurring


Below is a Daily Structural Chart of the NASDAQ Index.

Notice the Index is approaching possible Support


Below is a Daily Chart of the NASDAQ Index with the Key MA's. Notice that the Price action is right on top of the 150-Day and 200-Day MA's. This can act as an area of strong support. The Market can bounce off this level.


We need to see the Price Action break below these Moving Averages


If the Price Action does not break through the support. We will be taking half the profits and letting the rest run a little


Look at the QQQ the ETF that tracks the NASDAQ 100. The same thing is occurring


Look at the QQQ the ETF that tracks the NASDAQ 100 Structual Chart. The same thing is occurring it is nearing possible support


We must keep an eye on all these possible support levels. The Market can bounce off these levels. Be Careful.


If the Price break below them we will let it run



Economic Reports


This Week has some Key Economic News that can really move the markets. There could be some wild price swings this week as the News comes out


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


This can change quickly this week. Be Careful



Wednesday, February 22, 2023


@ 2:00 pm FOMC Meeting Minutes (This could be a market mover)



Thursday, February 23, 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 Core PCE Prices (Q4) (This could be a market mover)


@ 8:30 am PCE Prices (Q4) (This could be a market mover)


@ 8:30 am Corporate Profits (QoQ) (Q4) (This could be a market mover)


@ 8:30 am GDP (QoQ) (Q4) (This could be a market mover)


@ 8:30 am GDP Price Index (QoQ) (Q4) (This could be a market mover)


@ 8:30 am GDP Sales (Q4) (This could be a market mover)


@ 10:50 am FOMC Member Bostic Speaks (This could be a market mover)



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)






@ 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)





@ 10:15 pm FOMC Member Mester Speaks (This will be a market mover)





The Bulls are fighting and the market is in a New Confirmed Uptrend, But the Major Market Indexes are at Key Levels on the Chart, This can change quickly this week. Be Careful


Thank You

Rod

BTA




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