Major Market Swing Signal (End of Day) Wednesday 3-1-23
This content and any associated materials are for informational, educational, and entertainment purposes only and nothing should be construed as a recommendation or rating to buy, hold, or sell any securities. BTA is not a licensed Adviser and can not give financial advice. Please see our Disclaimer on the Website
The percentage of Stocks in a Bullish Upswing for all Categories are
30% of the Dow Jones is on an Upswing
25% of the S&P 100 is on an Upswing
33% of the Nasdaq 100 is on an Upswing
27% of all Three Indexes Top Holdings is on an Upswing
The Major Market Swing is still Bearish. In our opinion, the market is under pressure
The Market Breadth is still WEAK, If the breadth continues to stay WEAK the Major indexes may continue to sell off, but it is at levels where a bounce to the upside can occur
The Important thing, for now, is that the S&P 500 found Support at the 200-Day Moving Average for the 2nd time in the last 4 trading days.
Each time the price hit this MA the market has bounced, but remember the more times we test it the more likely it will break soon
The Nasdaq Index closed slightly below its 200-Day Moving Average and just above its 63-Day Moving Average which is a long-term Key Moving Average.
This is where the market could find support, But If the price breaks these levels and closes below them this will be very negative for the market.
The bottom line is that if prices bounce off the long-term Key Moving Averages. Then we will look at the downward Treng shorter-term 5-Day, 9-Day, and 21-Day MA's as possible resistance.
If the Price gets rejected at these shorter-term Moving Averages then we will look for a possible move back to the Long-Term Moving Averages and a possible break
There is no guarantee that the Market will sell off and we will have a profitable short trade but this is definitely not the time that we would want to be Long Stock. The Price is below the Downward Trending 5, 9, and 21-Day MA's.
Thursday, March 2, 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)
@ 8:30 am Nonfarm Productivity (QoQ) (Q4)
@ 8:30 am Unit Labor Costs (QoQ) (Q4)
@ 10:50 am FOMC Member Fed Waller (This could be a market mover)
Friday, March 3, 2023
@ 9:45 am S&P Global Composite PMI (This could be a market mover)
@ 9:45 am Services PMI (Feb) (This could be a market mover)
@ 10:00 am ISM Non-Manufacturing Employment (Feb) (This could be a market mover)
@10:00 am ISM Non-Manufacturing New Orders (Feb)
@ 10:00 am ISM Non-Manufacturing PMI (Feb) (This could be a market mover)
@ 10:00 am ISM Non-Manufacturing Prices (Feb)
@ 11:45 am FOMC Member Bostic Speaks
@ 3:30 am CFTC Nasdaq 100 speculative net positions
@ 3:30 am CFTC S&P 500 speculative net positions
The Bulls and Bears are fighting for control right now, But the Major Market Indexes are at Key Levels on the Chart.
This can change quickly.
Thank You Rod BTA