Major US indexes attempt to put in a swing low
A wide swing today in the US stock market with a strong move down intraday of over -4% in multiple indexes in the first half of the day, and then a strong recovery move to send the indexes all back to green territory again.
Numerous stocks made Undercut and Rally (U&R) / Spring Type Action type moves today with the U&R scan that I run each day closing at 240 stocks. Which is roughly 10x the average daily amount. So a clear attempt to stop the decline today with some signs of a Selling Climax (SC), which is the first point of a potential new base structure (Study the Wyckoff method schematics to learn the five phases of a base structure - from A to E).
It will of course need further confirmation. But a potenial Day 1 of a near term swing low, within the broader Stage 3 and in some cases Stage 4 behaviour that we are in. So potential for a reaction rally back to the mean ( i.e. the short term moving averages).
US Stocks Watchlist - 24 January 2022
There were 36 stocks for the US stocks watchlist today. Here's a small sample from the list:
AEHR, CDEV, SG, TRV, + 32 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.