Major Market Swing Signal (End of Day) Tuesday 5-31-22
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The Market Stalled a little Tuesday. All the Major Indexes closed slightly lower and found resistance at Key Moving Averages on the Weekly and Daily Charts. See the videos I posted on our Youtube channel explaining this
Almost all the stocks in each Category are still in bullish Upswings. The Categories are looking Extremely Strong under the hood now
90% of the Dow Jones is on an Upswing
90% of the S&P 100 is on an Upswing
91% of the Nasdaq 100 is on an Upswing
89% of all Three Indexes Top Holdings is on an Upswing
The Large Cap stocks are showing more strength than the rest of the market and it looks like we are seeing more stocks participate
The Our Breadth Indicators are still looking good but they pulled back a little yesterday
We got a FOLLOW-THROUGH DAY last week on the S&P 500 and the Rally is still on. The Market is on the upswing.
Yesterday we got Distribution on the S&P 500 at it was only two trading days after the follow-through day, this is very negative. When this happens the rally has a 50% chance of failure. Let's see if it can hold on
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy is now in the Pivot Week on all the Major Indexes ETFs (DIA, SPY, QQQ, IWM, VTI, and ITOT).
We will be looking to take action if the rally continues and we can get above Key Overhead Resistance, Please look at the latest videos I posted on our Youtube channel. I explained that we have to adjust our Weekly Bollinger band Strategy and how. Also, the Overhead Resistance that could stop the Rally
On the Economic, side lookout for the PMI (Purchasing Managers Index) Report, tomorrow 6-1-22 at 10 am this could move the market. It is used as a gauge of the strength of the economy. It is also viewed as a sign of possible recessions coming
The BULLS are in control for now and the Market is now on a confirmed Upswing