Major Market Swing Signal (End of Day) Wednesday 5-4-22
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87% of the Dow Jones is on an Upswing
94% of the S&P 100 is on an Upswing
78% of the Nasdaq 100 is on an Upswing
72% of all Three Indexes Top Holdings is on an Upswing
Notice the change from Monday (5-2-22)
The Dow Jones Bullish Swing Percentage had a huge increase of 61% the Swing changed to Very Bullish
The S&P 100 Bullish Swing Percentage had a huge increase of 67% the Swing changed to Very Bullish
The Nasdaq 100 Bullish Swing Percentage had a huge increase of 46% the Swing changed to Very Bullish
All the Top Holdings Bullish Swing Percentage had a huge increase of 43% the Swing changed to Very Bullish
All of the Categories had a huge increase in their bullish swing percentage the indexes exploded higher after the fed meeting. We have to see how the indexes act over the next few days can they continue to move higher. it's possible we get some sideways movement after such a powerful up day
The Federal Reserve had its meeting on interest rates and monetary policy going forward today. This was a big mover for stocks because Chairman Powell said the Fed is basically going to go slow on raising interest rates.
The fed is looking to raise rates by 50 basis points going forward at each of the next few meetings.
The very Strong movement in the Market today could cause a relief rally and could become a tradable rally going forward. Like I said in yesterday's post. Back in March when the Fed had its last meeting and hiked rates. Chairman Powell calmed the markets during his speech and we got a Follow Through Day, he did the same thing today he calmed everyone down. Now we have to see if we can go on a 10% or more run like before in just a few weeks.
The Indexes are trying to bounce off of key support levels on the daily and weekly charts. It is possible that we have now found support at these levels and move higher from here
The market is still in CORRECTION and we have to wait for a Follow-Through Day to give us the green light, but
We at BTA did open some new bullish positions today after LOIS signaled to go long on several stocks, but we will be taking some profit off the table and letting the rest run
The BEARS may have just lost control for a little while. Today the Bulls look like they wanted to take over, lets's see how Thursday looks at the close. This could just be a relief rally back into resistance so me must watch closely and be ready to act fast