3/3/22 Waiting For Follow Up, Signals Mixed

News:

Russia remains on the offense. Kherson, a city in Ukraine’s south fell to the Russians yesterday. Kyiv remains under Ukrainian control.

Russia is being accused of “war crimes” for shelling civilian areas. But it’s unlikely anyone will stop them at this point. Without any enforcement or follow-up is a law really a law?

Markets regained Tuesday’s losses but the market also lacks follow-up any either direction.

Everyone wants to buy the dip, but no one wants to follow up…

Futures are down at writing.

Technicals:

No clear indication in either direction.

I have not shown many charts in recent weeks because there is little to show.

SPY 1-day candles – Chart via thinkorswim

You see the rising red lines to the left, those provided clear buy and sell areas for months. It was clean.

Since the breakdown in January, it’s been hard to decipher. The yellow lines are potential trend lines but they don’t seem to hold … the blue cups could be a double bottom … but once again it’s a guessing game.

The technical indicators are giving no clear signals. And buyers and sellers are not following up.

Timing:

Unemployment filings are due out at 8:30 this morning.

The jobs report is due out tomorrow…

Less than 2 weeks until the FOMC.

Watchlist:

*Low Float

*CYRN has support at $5
*UUU is on watch
*INDO is on watch
*ARCH is on watch
PAM has support at $22
CENX has resistance at $27
JAZZ has support at $151
TALO is on watch
WTTR has support at $8.80
FTK has support at $1.40
LNTH has support at $50
SLCA has support at $14
ARLO has support at $11

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