Feb 27, 20233 min read

Major Market Swing Signal (End of Day) Friday 2-24-23

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The percentage of Stocks in a Bullish Upswing for all Categories are

20% of the Dow Jones is on an Upswing

18% of the S&P 100 is on an Upswing

24% of the Nasdaq 100 is on an Upswing

21% of all Three Indexes Top Holdings is on an Upswing

The Major Market Swing is still Very Bearish. When this starts to change be on the lookout for a possible bounce to the upside

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 Adv.-Decl, Issues Diff Green Line is still below Zero. This is showing weakness

The Important thing, for now, is that the Major Indexes all found support at the 50Day, 150-day, or 200-Day MA's. Which are long-term Key Moving Averages. This is where the market could bounce to the upside

We spoke about the possibility of the 150-Day MA and the 200-Day MA holding as Support. If the market can not break below these Key MA's then it's possible that we can see higher stock prices, But if Prices break Below and close below these Long-Term Moving Averages then lower prices can be coming

The bottom line is that if prices bounce off the long-term Key Moving Averages the 50Day, 150-day, or 200-Day MA's.

Then we will look at the downward Trending 5-Day, 9-Day, and 21-Day MA's as possible resistance. If Price gets rejected at these Moving Averages then we will look for a possible move back to the Long-Term MA's

Economic Reports

Monday, Feb. 27, 2023,

@ 8:30 am Core Durable Goods Orders (MoM) (Jan) (This could be a market mover)

@ 8:30 am Durable Goods Orders (MoM) (Jan)

@ 10:00 am Pending Home Sales (MoM) (Jan) (This could be a market mover)

Tuesday, Feb. 28, 20223,

@ 8:30 am Retail Inventories Ex Auto (Jan)

@ 9:00 am S&P/CS HPI Composite - 20 n.s.a. (YoY) (Dec)

@ 9:45 am Chicago PMI (Feb)

@ 8:30 am CB Consumer Confidence (Feb)

Wednesday, March 1, 2023

@ 9:45 am Manufacturing PMI (Feb)