Market Update

Announcement: I’m speaking at the Wealth365 5 Day Online Summit next week. This is the biggest online event of Financial Leaders in the Wealth Building Space. Over 70 presentations jam packed with great content. I love these events as there are so many people with different ways to grow wealth. REGISTER>>>>HERE
We are in rally made (make no mistake about it). But as I type this we could be getting some stalling action in the Nasdaq. Stalling is where the index barely moves higher, in above average volume closing in the lower range of the day. In other words there could be some over head resistance. The Nasdaq did break through the 50 DMA yesterday (solid!).
However, the S&P 500 is now approaching a resistance line that was major support in 2018 (found support 4 times, broke 5th). Support now becomes resistance until proven otherwise.
In addition, we compare the S&P 500 breadth on this bounce of the bottom vs late 2015. In 2015 there was a 13% move off the bottom before rolling back over for a double test. This 13% move cause the S&P 500 breadth (% above 200 DMA) to get above 60%. This rally we are over 11% off the bottom and we are only at 33% of S&P 500 stocks above their 200 DMA. Not apples to apples comparison but my point is this the breadth in this bounce is much weaker than in 2015.
It’s important to have a game plan if this doesn’t work out.
In this webinar I cover the following…
-The S&P 500 and how we are at 3 levels of over head resistance
-Market Breadth for industries and indices
-Break down charts for Oil, Gold, Bonds and the Dollar
-Look at the best Industries in the last 30 days
-Look at what ETFs are perking up the last 90 days (Hint: EM countries)
-5 stocks with interesting chart set ups

P.S. I just created my brand new trading system. Click the button below to see how it works

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