Tuesday 7 December 2021
The premarket is a sea of green currently, with the major US indexes moving in the 1% to 2% range in the overnight session. So I will be watching today to see if the bounce is sold into or not, and if technically damaged stocks can recover key levels or not. As it provide useful info on whether this is an oversold bounce in a downtrend or something more substantial.
Looking at the S&P 500 E-mini futures chart. My initial thoughts are that it's forming the start of a new base. As has a Buying Climax (BC) 22nd Nov, then an Automatic Reaction (AR) into the 3rd Dec swing low and is now making a Secondary Test (ST). So Phase A of a base maybe - To be Confirmed or to Fail
$IWM joining the S&P 500 in early Stage 1 on the intraday timeframe. Lots of resistance from the intraday Stage 4 to work through, so expecting a lot a back and fill especially if it struggles at the 200 day MA which it's currently testing.
$QQQ Nasdaq 100 with a strong bounce at the open back into the intraday Stage 3 range.
I've combined the last few days watchlists stocks in a single summary list, and the majority are showing strong RS today. Semiconductors especially.
$FFTY IBD 50 Canslim stocks index with a strong spring type action today. But hitting resistance at the 200 day MA so far.
Fading into the close a bit across the board. Bitcoin has gone negative too.
$IWM Russell 2000 Small Caps struggling to hold above the 200 day MA
Large players showed up for the closing 15 mins with strength into the close in certain areas like the mega caps
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.
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.