News:
I’ve said it before and I’ll say it again. He’s easy to hate on, but the market rallies every time he speaks. The market loves Fed Chair Powell.
Yesterday the markets traded deep in the green, he announced the rate increase, which was expected and priced in … Then the markets gave up all their gains.
But not for long the markets soared right back in a matter of minutes and the markets closed near session highs. The NASDAQ closed up nearly 4%.
China’s Hong Kong market is back to life as the government promises to support the markets amid the latest round of Covid lockdowns.
My scanner was on fire at the close, though I only added a few stocks to my watchlist.
As the market turns I’m watching for perfect setups only.
Technicals:
While I’m seeing very positive signs that the market is turning bullish, I’m not ready to buy any indexes.
The market is still betting against the rally as puts are once again near overbought.
And the overhead resistance is way too prevalent right now. Here’s the average chart my scanner produced yesterday:
A clear downtrend with lots of overhead resistance.
Here’s the chart I’m looking for:
See the difference?
This stock is holding is support. And resistance levels become support. Plus it’s on a clear upward trend.
For the record, I have an open position in this stock (SGLY), I bought near $8 and locked in 1/2 profits near $9.
Timing:
It’s St Patty’s day! And it’s typically green for the markets. In fact, the average gain for the SPY on 3/17 is +0.37%, making it the 7th most profitable day of the year on average.
Tomorrow is the year’s first triple witching. Watch for increased volume and volatility.
Futures are near plat at writing.
Watchlist:
*Low Float
^Open Position
^*SGLY has support at $8
HDSN has resistance at $6
IMXI has support at $19
VYGR has support at $6.50
AMPH has resistance at $35
TMST has support at $20
KALA is on watch
FLR has support at $27
NLSN has resistance at $24