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Oversold Bounce or Day 1 of a New Rally Attempt and the US Stocks Watchlist – 28 April 2022

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The stock market managed to bounce from the deeply oversold levels today with the percentage of stocks above their 20 day exponential moving averages in the S&P 500 moving back out the lower zone at 18% to close at 35%. So it almost doubled the amount of stocks in the S&P 500 above their short term moving averages. 

So those who use the CAN SLIM method would likely count this as Day 1 of the start of another rally attempt within the base, and hence will be on Follow Through Day (FTD) watch, if it can hold above todays low for the next few days and then have a strong Follow Through Day. 

However, there were a number of mega cap earnings results again today, with AAPL and AMZN both reporting.

AMZN reacted poorly to its earnings results and has moved down over -10% in the after hours trade, which will likely cause it to make a Stage 4 continuation breakdown at the open tomorrow. (See below intraday 2 hour chart including the after hours data).

AAPL also reported, and although it moved higher initially, it was quickly sold into and moved lower below the 200 day MA. So that will likely be the key battle zone for it tomorrow, and if it breaks then would likely be a big negative for the overall market. So AAPL could be key as to whether we get a major Stage 4 breakdown or not in the large cap indexes.

Below is the intraday 2 hour chart including the after hours data

Market Breadth: US Industry Groups Bell Curve

Exclusive graphic of the 104 Dow Jones Industry Groups showing the Percentage of Stocks Above Their 30 Week Moving Average in each group visualised as a Bell Curve chart.

The current median distribution is at 30.10% – which is a 10.10% drop in the overall average distribution in the last week.

View the full detailed post including the comparison to the previous chart at: US Industry Groups Bell Curve – Exclusive to Stage Analysis

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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.