Major Market Swing Signal (End of Day) Wednesday 6-1-22
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The Market is still Stalling at Key Overhead Resistance. All the Major Indexes closed lower and found resistance at Key Moving Averages on the Weekly and Daily Charts. See the recent videos I posted on our Youtube channel explaining this
Almost all the stocks in each Category are still in bullish Upswings, but the Swing has changed from Very Bullish to Bullish in all Categories. The Categories are starting to weaken as the Market Stalls
67% of the Dow Jones is on an Upswing
72% of the S&P 100 is on an Upswing
65% of the Nasdaq 100 is on an Upswing
66% of all Three Indexes Top Holdings is on an Upswing
The Advance-Decline Diff Invisible Chart Indicators are still looking ok but they are pulling back. The green line is still above Zero
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.
With the recent Distribution, we got on the S&P 500 (only two trading days after the follow-through day). 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, ADP Nonfarm Employment Numbers and Initial Jobless Claims tomorrow 6-2-22 at 8:30 am this could move the market. We must keep an eye out for job losses to start moving up
The BULLS are in control for now and the Market is now on a confirmed Upswing