Stage 4 Rally Attempt Continues To Make Progress and the US Stocks Watchlist – 2 June 2022
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It was a strong day for the bulls with price closing near the high of the day after opening slightly lower and initially moving lower to test yesterdays low and short term 21 day EMA, before rallying higher for the rest of the day, creating a bullish engulfing candle on the daily chart.
So price is now just -1.87% below the declining 50 day MA in the S&P 500, and so a test of the 50 day MA and original low of the prior range from January 24th seems likely in the short term. Which is the next level of interest and may provide resistance to this bear market attempt.
US Stocks Watchlist – 2 June 2022
There were 26 stocks for the US stocks watchlist today.
ADSK, ASH, COCO, PHYS, + 22 more...
Market Breadth: Bullish Percent Index
The short term Nasdaq Composite and NYSE Bullish Percent Indexes both continue to make higher highs and are above a rising 30 bar MA on the 1 hour chart with a divergence with the price action over the prior two days as they both continued to advance. So the short term status from this breadth measure remains on a positive tilt for now.
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.