The S&P 500 and Nasdaq 100 both pushed down towards their recent lows that were put in on the 24th January on the local Selling Climax (SC) and are currently making a potential Secondary Test (ST) of that low. So how well defended it is will give further clues to the market condition. i.e. do they form a higher low and push back higher in their Stage 3 ranges, or do they undercut and rebound, but form a Sign of Weakness (SOW), or breakdown completely and move into a major Stage 4 decline.
These are just a few possible scenarios, but from a Stage Analysis perspective we are in Stage 3 and from Wyckoff I'd put in Phase B of the base structure.
There were 26 stocks for the US stocks watchlist today. Here's a small sample from the list:
ADM, BTU, PANW, SFL + 22 more...
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.