2023-09-19T Uptrend Day 15 Uptrend under PRESSURE Market QUIET, holding TQQQ, Waiting for Market reaction to Fed

September 19, 2023

2023-09-19T Uptrend Day 15  Uptrend under PRESSURE  Market QUIET,  holding TQQQ, Waiting for Market reaction to Fed’s  ANNOUNCMENT Wednesday

If you are interested in learning from Mark Minervini,the only 3-time World Trading Champion, join Mark and some top IBD traders on Wednesday,9/20/23 at  3:15 p.m. central time (links work in ALL time zones, just adjust your attendance for your zone). You must pre-register to get the link - no cost, no penalty if you can't make it. This very valuable workshop is open for beginners and experienced investors.

>>> Sign into www.investors.com and look for the Webinar link. (No charge!)

I recommend jumping on the link early to ensure your seat.

REGISTER ON WWW.INVESTORS.COM    

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Also note that MarketSmith has made their excellent charting system FREE this week.  Simply sign onto Investors.com and click on the MarketSmith link near the top of the page – FREE through Sunday night (no credit card required.)

If you bought the TQQQ (triple QQQ) when I first discussed itin this newsletter, you have made over a 3x return.  If you would like to lock in your current TQQQ gains, simply sell your position (or part of it) and enjoy the workshop.

TUESDAY: For the second day, the market barely moved, as it waits for the Federal reserve’s official announcement on market conditions.

Do not expect much market action until after 2 p.m. (eastern time) Wednesday when the FOMC (Federal Reserve Open Market committee) offers its update on economic conditions at 2 p.m.(eastern time.) The more interesting opinion will come from the Fed Chair at 2:30 p.m.

Some of you sent me a question on “What could have caused the 75.6% increase om volume for the Nasdaq and 90.0% volume rise for the S&P500?  

In case you missed my answer:: Note the Nasdaq has been dancing on its 50-day (red)line, holding up fairly well..

I am concerned about the deep dip of the TQQQ and might consider shorting the QQQ if it doesn’t find some upward support. I would have to see the QQQ stay below its 50-day line with strong volume, showing some serious distribution (selling.)  

And we still have 3 ½ months to go in 2023! That gives us plenty of time to get out (if it continues down) or take advantage of an upswing!

>>> I am pretty good at reading the strength of the market as it happens, but I cannot predict its end of year closing price.  Hang out with me to get the daily “blow-by-blow” account.

Note: If the market starts to give up more of its 2023 gains, I would happily step out to cash and focus on planning a BIG year-end party!  After this amazing year, I am not interested in risking more of the gains.  I would rather just sit out the rest of the year (a whole quarter is still ahead of us)then watch these amazing gains whither away. Cash can be a relaxing place to sit and watch the action.  

 

Another question for those of you that like the S&P500…., ”When you can invest in the faster Nasdaq, why would you want to invest in the historically slower S&P500?”

Although the Nasdaq doesn’t outperform the S&P500 every day, it has overtime, proven its significantly better returns.

And just to remind you, the Triple QQQ (TQQQ) has outperformed them all with a 129% gain this year. But you must watch the TQQQ daily, because when the market drops, it will drop about 2 ½ x to 3x versus the QQQ.

The GOOD NEWS is that there were 8 rising days over the last 20 trading days but  only 6 falling days over the same period.

Do you pay attention to price AND volume?  

 

The BAD NEWS:

There were 5 distribution days (lower price with higher volume INDICATING MORE SELLING THAN BUYING)  in the last 20 days but only 1 accumulation days (higher price and higher volume. INDICATING A DAY OF BUYING).

 

PLEASE WATCH THIS NEWSLETTER EVERY DAY.  This market could crash on little notice.  Or take off to new highs!

  

ON THE ACCUMULATION/DISTRIBUTION RATINGS TABLE BELOW……  

>>>> THE DOWNTURN OF THE ACCUMULATION RATINGS is a WARNING of MARKET WEAKNESS!

Here is a confirmation of the current weakness in this Uptrend. The A & B rated stocks which had been climbing higher has dropped a frustrating 8% in one week from 47% to 36%.

IF YOU PURCHASE AN AGGRESSIVE POSITION LIKE THE TQQQ, YOU MUST KEEP YOUR EYE ON THE MARKET EVERY DAY. Even if it is just a quick read of the front of the ARMCHAIR INVESTOR newsletter.

One additional “Word to the Wise”…

>>>>>--- MOST MARKETS FALL FASTER THAN THEY RISE! So please, read this newsletter (at least the first section) DAILY!

Please send questions, comments, suggestions ideas and requests to:   My text message account at (214) 995-6702.

Wishing you, “Many Happy Returns.”

Charlotte  Hudgin, The Armchair Investor,                                              

www.ArmchairInvestor.com   (214)995-6702   

2023 ACI NEWSLETTER sent via WEBFLOW

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