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S&P 500 Testing the 50 Day MA and the US Stocks Watchlist – 25 October 2022

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The major US markets rallied strongly today with expanding short-term breadth and a further Follow Through Day. However, it's Mega Cap earnings week, and GOOGL and MSFT kicked it off with negatively received earnings reports (see below), taking the market down strongly in the after hours, wiping out the bulk of the day gains. So, the strength of supply will be in-focus tomorrow with a weak open likely, unless there's a big reversal overnight.

Stocks Watchlist – 25 October 2022

There were 19 stocks highlighted from the US stocks watchlist scans today

ENPH, AVDX, CFLT + 16 more...

Market Breadth: Nasdaq Bullish Percent Index

The Nasdaq Composite Bullish Percent Index reversed higher to a column of Xs at 32.83%, and so returns to P&F Bull Confirmed status. Although when the prior column has pulled back below the box where the original Bull Confirmed signal occurred (40% in July), I personally prefer to mark the status as only Bull Alert, and then put it back to Bull Confirmed if it regains the original Bull Confirmed signal level. So it is a bit more of a cautious approach to the status labelling. 

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