Major Market Swing Signal (End of Day) Wednesday 7-6-22
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The Major Indexes closed up slightly today, The Dow Jones, S&P 500, and Nasdaq closed up around 0.30% today
The Major Indexes are now trading at or just above their 5 & 9day MA's on the daily charts. The indexes are stalling around the 21 Day MA which is still Negative Action. They have some key Support and Resistance Levels to watch on the Weekly Charts also
The percentage of Stocks in a Bullish Upswing for all Categories are
63% of the Dow Jones is on an Upswing
62% of the S&P 100 is on an Upswing
77% of the Nasdaq 100 is on an Upswing
69% of all Three Indexes Top Holdings is on an Upswing
The Rally Attempt, On all the Major Indexes NOW HAVE A 70% to 80% CHANCE OF FAILING. We have undercut the Low of the Follow-Through Day. This is very Negative Action
The Advance-Decline Diff Invisible Chart Indicators is somewhat Negative. The Green Line is above the Yellow Line and Red Line but the Green Line is moving above and below the above Zero on the Dow Jones and S&P 500. It is not staying on one side for long
The Green Line on the Nasdaq is below the Zero Line. I find the Nasdaq Diff. chart interesting because it's the strongest Index right now with the weakest-looking Diff. Chart.
The Weekly Bollinger Band, Stochastic, RSI, and MACD Strategy has now completed the Set-Up week on all the Major Index ETFs (DIA, SPY, QQQ, IWM, and ITOT). We still looking for the Signal week this week. The Bollinger Band trading Strategy is now reset.
In regards to Economic reports, Next Week is going to be a BIG WEEK of Economic News,