Major Market Swing Signal (End of Day) Tuesday 5-17-22
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All of the Categories are now Very Bullish but we have to see if the stocks under the hood can hold their upswing and continue to move higher. Most of the stocks under the hood are only in their 1st day of the upswing
The Nasdaq Composite had a FOLLOW THROUGH DAY today on the 4th day of the Rally attempt. We spoke about this possibility during our Monday meeting. The Nasdaq Composite closed up, with a % Change of 2.76%, and Volume was higher than the previous Day. Now that we had a follow-through day, the market condition is changed to a confirmed uptrend.
We now have the Green Light to Strat Looking for Leading Stocks, in Leading Industry Groups, Breaking out of Sound Base Patterns with Good Volume. But it would be wise to start slowly with small positions until the Follow Through Day proves itself. The market still has key overhead Resistance to get above
Even though we got the Follow Through Day our Market Breadth Indicators still have not given us the all clear to go Heavy, They have not confirmed the follow Throwugh day yet. So we must be CAUTION.
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy are trying to give us the buy signal on the Indexes but it has not yet. So we are still mostly on the sideline
Some stocks on our list gave us an early entry and we have taken a small position in some because we got the follow-through day, we will add to them as the market and stocks prove themselves. (early enter stocks are AMD, AVGO, MU, PFE, NTR, ON, and AMPH)
I will post BTA Stock Watchlist later today or tomorrow. Also, I will be posting some charts of the Market Breadth later today