The S&P 500 opened back above the 50 day MA today, but the early enthusiasm soon diminished, and it rolled over at the short term 21 day EMA and turned lower again. Closing the day back below the 50 day MA for a second day and also the -1x ATR(21 day) level.
The intraday 2 hour chart of the S&P 500 ETF (SPY) shows this as a Stage 4 continuation breakdown (on that timeframe). So that suggests avoiding the long side of the market until we at least start to see signs of a Stage 1 base structure developing. So caution seems prudent here.
US Stocks Watchlist – 12 April 2022
There were 17 stocks for the US stocks watchlist today.
BTU, INSW, TMST, AU + 13 more...
Market Breadth: New Highs - New Lows in the US Stock Market
Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.