Spring Attempt (Again) and the US Stocks Watchlist – 2 May 2022
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The Nasdaq 100 (I'm showing the QQQ etf above) today made yet another attempt to spring after trading down to a lower near term low. I've included multiple timeframe charts above, with the intraday 2 hour chart at the top, which is in a Stage 4 decline on that timeframe currently, and is yet to show a Change of Behaviour (CHoBH), that would potentially move it into Stage 1 on that timeframe. So to help validate a daily spring event, I'd want to see an Automatic Rally event on the intraday chart, that broke the intraday Stage 4 downtrend supply line as a first sign of a CHoBH.
On the daily timeframe, it's in a potential Phase C position of the base structure that's been forming since the 24th January – if it can follow through to the upside strongly. However, that's a big if at this point. As any rally attempt would be within the broader weekly Stage 4 downtrend, and the market breadth review at the weekend continues to suggest extreme caution, and hence any rally attempt would be considered guilty until proven innocent if it occurs.
So stay alert and always focus on risk first.
US Stocks Watchlist – 2 May 2022
There were 26 stocks for the US stocks watchlist today.
EOLS, GPRE, MAT, OXY, + 22 more...
Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.