S&P 500 Approaching Its 200 Day MA and the US Stocks Watchlist – 15 November 2022

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The S&P 500 continues to develop in a potential Stage 1 base structure that's been developing since the change of behaviour off of the June lows. The recent Spring on October 13th triggered the start of the latest rally attempt within the developing structure and could potentially be Phase C of the structure, which puts it now in Stage 1 Phase D, with two Follow Through Days (FTDs) since then. The most recent on the 10th November moved over 5% in a day and triggered multiple breakout attempts in individual stocks and a huge amount of stocks (over 600) moved over 10% on the day, and there was also strong continuations on the following day.

Currently 87% of S&P 500 stocks are above their 20 day EMAs and today close is -2.07% below the 200 day MA, which seems very likely to be tested in the coming days, and it is crucial for the market to overcome for the Stage 1 to continue towards Stage 2, but it is often a major turning in bear market declines, and so it is a potential Pivotal Point.

Nasdaq 100 – intraday 195 minute chart (2 bars/day)

The Nasdaq 100 has also been showing some strong relative strength in the near-term, with it outpacing the S&P 500 by over 3% since the November swing low, which can be seen in the Mansfield RS indicator at the bottom of the above intraday 195 minute chart (2 bars/day), which shows it moving back above the zero line on that timeframe compared to the S&P 500 – which it's been under performing since mid August.

The above chart has the Ichimoku Cloud overlaid, which shows a visual reference of the dynamic support and resistance zones, which as of the 10th November (at the open), it's now moved above, and hence is in a more positive environment. 

US Stocks Watchlist – 15 November 2022

There were 29 stocks highlighted from the US stocks watchlist scans today

FSLR, FOUR, PDD, PINS + 25 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.