Major Market Swing Signal (End of Day) Tuesday 5-24-22
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The New Home Sales report and numbers came out Tuesday @10am and it was worst than expected. People are not buying as many houses as before (What did they expect the prices are too high and interest rates are exploding). The Housing sector sold off and so did the Market
We are starting to see more stocks under the hood showing a bullish upswing. There was a lot of selling pressure in the market today but the Indexes rallied off their lows. The Dow managed to close slightly in the green after trading down most of the day.
The Dow Jones and S&P 500 are now on day 3 of their rally attempts and they can technically get a FOLLOW-THROUGH DAY tomorrow which will be day 4. Or any day after that as long as prices don't undercut the low of the 1st-day rally attempt
The Nasdaq is still searching for a 1st-day rally attempt, It is still selling off, but we believe it will bottom and rally soon
We are now on the lookout for a FOLLOW-THROUGH DAY on the Dow and S&P 500 for the Green Light to start buying leading stocks in leading industry groups breaking out of sound base patterns
We still believe that there is going to be a GREAT BUYING OPPORTUNITY SOON after the Bear Market and possible Recession is complete
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy has now completed the Set-Up part of the strategy on all the Major Indexes ETFs (DIA, SPY, QQQ, IWM, VTI, and ITOT). We are now waiting for the Signal Week to complete
It is important to watch the video from Monday's Meeting We explained the complete Bollinger Band - RSI - Stochastic and MACD Strategy
Look out for Costco Wholesale Corp (COST), Nvidia Corp (NVDA), and Dollar General (DG) Earnings Reports this week they could have a big effect on the direction of prices. Nvidia reports on 5-25 after the market closes. Costco and Dollar General reports on 5-26 after the market closes
Also, Look out for the Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary) for the 1st Quarter 2022. it's coming out on May 26 @ 8:30 am this could MOVE the market up or down depending on the number. GDP 1st Quarter 2022 (advance estimate) showed that GDP declined by 1.4%(-1.4%). I will be doing a video on why the GDP numbers over the next 2 Quarters are so important
Finally, on the Economic side, the Core Durable Goods Orders (orders for automobiles, furniture, household appliances, etc.) are coming out at 8:30 am on 5-25 and the Minutes from the FED meeting at 2 pm on 5-25 any one of these economic reports can also move the market up or down HARD.
The Economy is on the EDGE it could collapse at any time. So we must keep our eye on everything right now. Any BAD economic news could send this market CRASHING DOWN
I will be posting several videos on Wednesday lookout for them. They have very important information. We are seeing Bullish Divergences all over the place and our Breadth Indicators are showing huge improvement. Also, some very interesting charts that are pointing to the possibility of a market bounce soon
Sorry for the delay but I will post BTA Stock Watchlist soon
The BEARS are in control for now and the Market is still in CORRECTION.