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The percentage of Stocks in a Bullish Upswing for all Categories are
80% of the Dow Jones is on an Upswing
75% of the S&P 100 is on an Upswing
79% of the Nasdaq 100 is on an Upswing
77% of all Three Indexes Top Holdings is on an Upswing
The Swing Signal has Changed to Very Bullish but if the Price Action does not break above the overhead resistance on the charts Below. The Signal will change back to Bearish real soon
The Chart Structure for the major Indexes is still having a battle with Key Overhead Resistance
A picture is worth a Thousand Words
In our opinion below are the MOST IMPORTANT CHARTS IN THE STOCK MARKET at this TIME
Updated Charts as of Wednesday 1-25-23 Market Close
The Market is still Stuck at Overhead Resistance
Below is a Daily Chart of the S&P 500 Index Notice the Pirce Action still continues to find resistance at the Downward Trending Trendline and the Horizontal resistance line (in red) it can't seem to break above them. Also, Notice that the price is stalling at the Top of the High Volume Price Level. Until the Price breaks above this levels, I will be looking to go Short (bet against the market)
Below is a Weekly Chart of the SPY (the ETF that tracks the S&P500). Notice that on the Longer-Term chart of the SPY, the Price Action continues to find resistance at the MULTIPLE Downward Trending Trendlines for the whole year of 2022. Price is testing these resistance levels once again. There is also an internal upward trending trendline that the price needs to break above. Price also needs to break the 404 horizontal Resistance Price Level in (red)
Below is a Daily Chart of the SPY (ETF that tracks the S&P500 Index). On this chart, we can clearly see that Price also needs to break above the downward trending trendlines and the Internal Trendlines acting as overhead resistance.
It's really not that hard. It comes down to PATIENCE. Until the price breaks above those Downward Trending Trendlines and Internal Trendlines It is a huge chance that Price will reverse and break below the 21-Day and 50-Day MA. At that time we will be looking to go Short (bet against the market)
Economic Reports
Thursday, Jan 26, 2023
@ 8:30 am Core Durable Goods Orders (MoM) (Dec)
@ 8:30 am GDP (QoQ) (Q4)
@ 8:30 am GDP Price Index (QoQ) (Q4)
@ 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 PCE Prices (Q4)
@ 10:00 am New Home Sales (MoM) (Dec)
@ 10:00 am New Home Sales (Dec)
Friday, Jan 27, 2023
@ 8:30 am Core PCE Price Index (MoM) (Dec) (This could be a market mover)
@ 8:30 am Core PCE Price Index (YoY) (Dec) (This could be a market mover)
@ 8:30 am PCE Price index (YoY) (Dec) (This could be a market mover)
@ 8:30 am PCE price index (MoM) (Dec) (This could be a market mover)
@ 8:30 am Personal Income (MoM) (Dec)
@ 8:30 am Personal Spending (MoM) (Dec) (This could be a market mover)
@ 10:00 am Michigan 5-Year Inflation Expectations (Jan)
@ 10:00 am Michigan Consumer Sentiment (Jan) (This could be a market mover)
@ 10:00 am Pending Home Sales (MoM) (Dec) (This could be a market mover)
@ 3:30 pm CFTC Nasdaq 100 speculative net positions (This could be a market mover)
@ 3:30 pm CFTC S&P 500 speculative net positions (This could be a market mover)
The Bulls are fighting and the market is in a New Confirmed Uptrend, Market Breadth is Strong, but it's starting to get near extremes (the market can top out at these levels), Volume is coming into the market slowly.
We are in earnings season so we must be careful
Thank You
Rod
BTA