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Stock, Stock market, New York Stock Exchange, Nasdaq Feb 22 Chart Review NASDAQ stocks blown out, message is "look for new sectors"

It was miserable, so there’s only one solution: our stocks are not working. We need to find new stocks, the mcclellan oscillator actually ticked, up back towards the neutral advancers and decliners 60 to 40 that’s like three to two, but it really wasn’t. It was really closer than that because if you look at only the new york stock exchange listings uh the 3329 issues traded that the mcclellan oscillator uses, the advances and decliners were only different differed by a hundred and twenty. So that is why you see a little change in the mcclellan oscillator, but it is in the upward direction, in spite of it having been a pretty bad day for the s p and a brutal day for the nasdaq and since a lot of the stocks that I’M, looking at square plug neo, apple or nasdaq stocks, i didn’t have a good day, so i would take a look now at what’s moving in the market and what moved today was the financial sector. U.S bank was over 50 dollars jp morgan up almost a percent. Mastercard two point: two point: two point: two american express three percent um. What else was working um medical health care was a bit of a of a mixture. Nothing exciting there disney is disney indicating a comeback of the tourism economy. Is that where we need to be looking airlines, hotels, amusement parks, tesla didn’t do well! If you look at energy, energy is doing well, but then the price of gas is going up because of what’s happened in texas and a few other things consumer defensive, not necessarily industrials, industrials basic materials.

That might be where we need to be looking and that’s. What i’m going to do tomorrow is spend more time looking at the salt and pepper basic stocks, dividend stocks that have pulled back and might be at buying points let’s just take a quick look at the charts now for the next two minutes, the s p, we’re. Looking at the 60 minute and we’re still within this channel, and we bounced right off of where we drew the bottom of the channel, you know it’s arbitrary, where we drew it, but nonetheless it remained within the channel and from a fibonacci point of view, 27.2 roughly, Although we did close below that the volatility index did go up a tiny bit, um caterpillar had a great day so talking about industrials, look at caterpillar wow take off, and this pattern, which we said was completed well it’s gone way beyond that. You know motive wave says that you can still do this type of a gartly pattern and actually go as far as 228, and that may just be what caterpillar is doing. Um finishing off that gartley that we looked at once upon a time home depot did not have a good day today and that would be consumer related. We said the banks had a good day today, neo horrible day, look at this fell outside of the bollinger band. Significantly so tomorrow, you should expect it to pull back into the bollinger band. It shouldn’t have as bad a day if it does it’ll be dangerous both below the 50.

plug down 11. That was a horrible also below the 50 outside of the bollinger band. Qs had a great day at one point: it was up 12 and then it did pull back quite a bit. So this is still an opportunity i think, to buy qs. If it hits 67 tomorrow, i would be getting into qs now that’s another technology stock it’s. Another ev related stock do i want to have neo and plug and qs, probably not. I would have to get out of one of those positions square actually had a bit of a mix day. Today it looked bad at one point and then it just really recovered and then, as the market faded, it faded with the market so i’m going to cut it short here. Uh. The only other thing we’ll talk about is boeing. Well, we all know boeing’s just having trouble with 777s and an incident over in holland. Forget it. We’Ve got to find new stocks. Folks we’ve got to stop looking at the technology sector. The uh map here is telling us that we’ve got to be looking somewhere else tomorrow. Take a look at finvis. Finviz allows you to look at this heat map and it allows you to look at it on a one day: performance a one week, performance and a one month performance. What i’m going to do tomorrow is try to find which of those three charts, particularly the one week, is where we’re seeing sustained or growing activity and that’s the area where we’re going to look to pick some stocks and we’ll look at some new charts.

What do you think?

Written by freotech

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