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The percentage of Stocks in a Bullish Upswing for all Categories are
53% of the Dow Jones is on an Upswing
45% of the S&P 100 is on an Upswing
36% of the Nasdaq 100 is on an Upswing
40% of all Three Indexes Top Holdings is on an Upswing
All Three Major Indexes traded down today. The Dow traded Down 0.61%, The S&P 500 traded down 1.11% and the Nasdaq traded down 1.68%. also, All Three Major Indexes closed at the Lower End of their Ranges.
A picture is worth a Thousand Words
Updated Charts as of Wednesday 2-8-23 Market Close
We are still watching the Dow Jone Index.
This Index seems to be setting up for a possible move.
Below is a Daily Structural Chart of the Dow Jones Index. Notice it is still trading just below the Horizontal Resistance line at 34,243.85 and the Downward Trending Trendline that has been in place all of 2022. There is also a Support Level at 33,613.03 I will be keeping a close eye on this Index.
Below is a Daily Structural Chart of the S&P 500 Index. Notice it is still trading inside of the Heavy Consolidation Area (in Blue). Prices closed near the bottom of this area.
Below is a Daily Structural Chart of the Nasdaq Index. Notice it is still trading inside of the Heavy Consolidation Area (in Blue). Prices closed below the bottom of this area.
The fact is all three Indexes are trading sideways in a trading range for the last few days. We must wait and see which way prices break out.
If the Price breaks above these Levels we have to give the Bulls Control and prices could be on a New Run
We are also keeping an eye on the Bond Market, Yields, and the Dollar. It seems like they are setting up for a Move also. The ETF Ticker Symbols are:
TLT - 20+ yr Treasury Bond ETF
TNX.X - 10- Year Treasury Note Rate ETF
UUP - Invesco DB US Dollar ETF
GOVT - IShs US Treasury Bond ETF
HYG - IShs High Yield Bond ETF (companies with bad credit)
JNK - Bloomberg High Yield Bond ETF (companies with bad credit)
LQD - IShs Investment Grade Corp. Bonds (companies with good credit)
A Strong move in the Above ETFs can cause a move in the Overall Market.
Economic Reports
Thursday, February 9, 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)
Friday, February 10, 2023
@ 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)
@ 12:30 pm FOMC Member Waller Speaks (This will be a market mover)
@ 4:00 pm FOMC Member Harker Speaks (This will be a market mover)
The Bulls are fighting and the market is in a New Confirmed Uptrend, Market Breadth is starting to get near extremes also forming several Bearish Divergences. The market can top out at these levels.
We are in earnings season so we must be careful
Thank You
Rod
BTA