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Buying Climaxes and Reversals on Volume in Leading Oil Groups Closes Out May 2022

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Stocks pulled back today, as we reached the end of May 2022, after a three day rally off of the recent tests of the lows in the broad market Stage 4 decline. But all the major indexes made higher lows from the previous day though. 

Looking at the longer term monthly charts (below) of the major indexes. It was a mixed month with demand tails on the index charts, as they tested lower levels and then closed the month in the mid range of the candles, with slightly positive closes in the majority, except the Nasdaq which ended lower still.

Leading Energy Sector Groups See Heavy End of Month Selling

The top four Industry Groups saw strong selling today on heavy volume as we ended May. The Buying Climaxes scan that I run daily usually has very few results – under 10. But there was 63 today with the majority being in the Oil Industry Groups.

US Stocks Watchlist – 31 May 2022

There were 12 stocks for the US stocks watchlist today.

DOX, KLAC, ALB + 9 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.