11/17/22W Uptrend Nasdaq finds support at its 50-day line with a nice bounce..

11/17/22W Uptrend   Nasdaq finds support at its 50-day line with a nice bounce.

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As said yesterday, another small pullback day after the 12% rise in the Nasdaq over 8 trading days, is not much of a disappointment.  

In fact, there is some good news in today’s Nasdaq 0.4% drop….. The Nasdaq found support today at it’s 50-day moving average line and then turned back up and closed near the top of the day’s range. And had lower volume on the last 2 days as well – showing the market is not too excited about the drops!

The small retracement today is not a deterrent to my stock buying.

Be sure to visit the Accumulation/Distribution table a little later in this newsletter – it has some GOOD NEWS for investors.

As we saw on Wednesday:

·      Looking at the Accumulation/Distribution table below, I am quite encouraged by the rise in “A” and “B” rated stocks in Investors.com’s Accumulation/Distribution counts.

·       The extraordinary 4 week recent rise from 31% A's plus B's to 56% in just 4 weeks shows some serious buying is goin' on!

Ratings to Note:

·      8 accumulation days versus 2 distribution days in the last 20 trading days says the buyers are ruling this market.

·      All 3 major indexes (Nasdaq, DJIA and S&P500) are B rated again indicating buying rules the market direction.(see below)

·      All three indexes are above their 50-day lines – showing optimism about a rising market.

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The extraordinary 4 week rise from 34% As and Bs to 57% in just 4 weeks. shows some serious buying is going on!

And all of the above does NOT guarantee the future market direction.

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Please read on…… for important comments on the current market.

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Wishing you, “Many Happy Returns!”

Charlotte Hudgin,  The ArmchairInvestor, (214) 995-6702

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The MARKET ACTION table below still amazes me!  Only 2 distribution days (selling days when the market falls on higher volume) out of the last 4 weeks is a deep sign of strength.  

The MARKET FACTORS table (below) summarizes the current market strengths and direction. There is a lot of GREEN (rising markets, ratings and stronger ratings, etc.) - rising rtings win!

Ratings to Note:

·      8 accumulation days versus 2 distribution days in the last 20 trading days says the buyers are ruling this market.

·      All 3 major indexes (Nasdaq DJIA and S&P500) are B rated again indicating buying rules the market, as of Thursday – remember: one piece of bad news can turn the market around.

·      All three indexes are above their 50-day lines.

And again, note the extraordinary rise from 34% As and Bs to 57% in just 4 weeks shows some serious buying is going on!

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