The major indexes rebounded strongly from Tuesdays Stage 4 breakdown attempt with short covering rallies in numerous beaten down groups versus pullbacks in the stronger relative strength groups of the market, that have been leading since the recent lows. But although there were strong moves across the board, the indexes didn't overcome the resistance from Mondays significant down bars and the overall volume on the move was low.
So the indexes are still in the danger zone and could easily slip back into Stage 4 territory in the coming days if there is a failure to follow through on yesterday's bounce.
Todays watchlist had a number of group themes, but the overall theme was constructive pullbacks in the strongest RS groups - which I talk through in the Stage Analysis Members Midweek Video - 9 March 2022
There were 48 stocks for the US stocks watchlist today. Here's a small sample from the list:
LNTH, BTU, AA, CHKP, + 44 more...
Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.