The watchlist scans were again dominated by financials and more defensive areas of the market. But on the negative of things tech growth stocks continue to act poorly.
S&P 500 with spring type action from the open today after yesterdays undercut of the recent swing low.
Will be observing the strength of the bounce attempt and whether it can recover the short term MAs. If not, then they could become further areas to re-short.
Gold $GLD breaking above the near term pivot within its broader weekly Stage 1 base
Silver $SLV also breaking above it's near term pivot as it attempts to base
See recent blog post on gold and silver: https://www.stageanalysis.net/blog/88434...e-analysis
$GDX Gold Miners ETF attempting to breakout in from potential early Phase C (LPS) structure, and the Junior gold miners too $GDXJ
Silver stocks also catching a bid with the move in gold i.e. $HL, $EXK $GATO, $SILV etc. So could be worth further research.
20 year Nasdaq Composite chart with percentage of stocks above their 200 day MA, 150 day MA and 50 day MA underneath for comparison to past periods
Highlighted areas are when 200 day MA was below 30% level. Red line is current level in each.
Noticing numerous significant bars in the gold and silver miners charts today. So I ran the Significant Bar scan to to see what was coming up in that and unsurprisingly 10 out the 13 results currently are gold or silver miners.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
With the market down there is a dominant theme today in the watchlist stocks with 3/4 of the stocks from the precious metals groups with numerous stocks in the group having significant bars today and gold itself in late Stage 1, which I posted about at the weekend. So on watch.