1/27/2023F UPTREND Good News ! Market under heavy accumulation (buying)!
THE MARKET’s MESSAGE: Market (QQQ) shows upward strength in 2023
The market is having a great month –The Nasdaq 100 (the QQQ) is up 10.2% and the month is not over! The full Nasdaq composite is up 10.0%! That may be all I have to say! Why spoil such a good vibe?
OK, I’ll add a warning: Don’t count on a repeat performance in the next3 1/2 weeks. Note: there was one distribution day on January 18 (but I’m not complaining.)o
Today’s Big Picture column (on Investors.com) reminded us that the PCE index comes out Friday. I had to look it up – PCE index is:
The Personal Consumption Expenditures Price Index is a measure of the prices that people living in the United States pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.
I’m not sure you need to “wait by the phone”for this announcment. We know inflation is up and whatever they announce will only be bad news.
So I suggest you take the day off from watching the economic/market news and let me summarize it for you tomorrow.
In the meantime, spend some time identifying top stocks to invest in to earn some of that inflation back!
Turn to the ACCUMLATIN/DISTRIBUTION RATINGS of STOCKS table below.
Wow! Look at those A’s and B’s take off (right column.) From 46% A + Bs 4 weeks ago to 62% today. That is a 35% increase in the last 4 weeks showing some serious and consistent market buying. Just recently (December 29, 2022), the Ds & Es totaled to a disheartening 37% of all stocks.
Turning to the MARKET FACTORS, COUNTS & RATINGS table, notice how green the table is:
>> 8 accumulation days versus only 3 distribution days in the last 20 trading days.
>> 6 up days versus 2 down days in the last 10 trading days.
Regarding the MARKET ACTION TABLE below.
What do the last 20 days show us? Notice the highlights in the price column.
· The RED highlights point to new lows in these 20 days. Notice there were just 3 in the past 20 days (4 weeks.)
Note: When you look at today’s MARKET ACTION table above, scan down the PRICE column and note the GREEN highlighted prices. They are green because, in the last 20 days, the Nasdaq hit new highs in the last 4 weeks of this chart! THAT’S A LOT OF GREEN
>>>>>BOTTOM LINE: This market continues to get STRONGER. I don't know if the market is strong enough to blast through to a new, long-term rise, but it feels like we've earned it.