4/10/2023H UPTREND day 8, Nasdaq slips below 12,000. Volume low waiting for Key Announcements over Next Few Days

4/10/2023H  UPTREND day 8, Nasdaq slips below 12,000.Volume low waiting for Key Announcements over Next Few Days

THE MARKET’S MESSAGE:   Time to lay out plan how to build your portfolio in this rising market!

I usually don’t update a chart for one additional day, there are times when the major indexes or key ETFs will catch my attention. Monday, the Nasdaq appears to be playing around with the 12,000 ….. again!

On the chart below, notice the Nasdaq stalled at 12,000 four times in the last 10 months and then, each time, fell back below it again Note blue pointers.) Since this is the Nasdaq index of thousands of stocks, is this just a coincidence? Or are some big hands manipulating the market? Whatever the source, a breakthrough above 12,000 would catch my attention as a possible start for a significant rally!

Whoever is selling stocks and causing a stall to the market uptrend, appears to be selling a significant amount of the Nasdaq’s stocks when the index gets to 12,000.  (Or maybe it’s just a coincidence.)  I am watching to see if the Nasdaq can be driving higher.  Pay attention to both Price and Volume to fuel a breakthrough above this price level.

If you see something on a chart like this 4-time event, at least note it down and see how the stock (or index) proceeds.  A repeat performance 4 times in a 10-month period is unusual. And if the next time the Nasdaq comes back to 12,000 it blows past it??? It could be a strong signal that the resistance has been beaten.

At this point we do know that the Nasdaq has stalled at close to 12,000 and I am, therefore, uncertain of what its next move is.  But I am watching.  

The Federal Reserve will release the minutes of its April Meeting on Wednesday. More market key numbers will come out this week. You can see them here.

Here is a clip from today’s Investor’s Business Daily’s “Big Picture” column (at www. Investors.com.)If you don’t have a subscription (I highly recommend it), you will have to just take my occasional snips of key ideas.  

“While the stock market is not in high gear, it is doing remarkably well considering the Fed continues a tightening campaign, earnings are weakening, a recession could take hold and geopolitical flare-ups threaten global stability.

“Micro Sectors FANG+ (FNGS), which tracks only 10 megacaps, is up a staggering 36%.”

NEW ARMCHAIRINVESTOR MEETUPS STARTED.

Right now they are

·       LIVE In Fort Worth on the first Thursday of the month. (At Ol’ South Pancake House)

·       ONLINE for Dallas on the third Thursday of the month. Please reserve your seat at this Meetup.com . Look for the

If any of you would like to help me out with the Dallas online system and you have big bandwidth, I can set you up to launch the Meetup and you could then pass control over to me to present.

NOTICE:  IF YOUR LIVE NEAR FORT WORTH, PLEASE CONSIDERJOINING US THURSDAY May 4 for a  LIVEMEETUP at our favorite, OL’ SOUTH PANCAKE HOUSE.

·       BE SURETO REGISTER ON THE MEETUP SITE. We will have a private room setup for us.

·      OL’ SOUTH HAS MADE A LEGITIMATE REQUEST, ALLATTENDEES ORDER A MEAL, single or multi-course is OK. YOU CAN EAT IT THERE OR TAKEIT HOME.

QUESTIONS OR SUGGESTIONS?? Please call, Charlotte  Hudgin, (214) 995-6702.

On the tables below, note Thursday's (4/6/23) lighter volume is not a surprise – the Thursday before a 3-day weekend will almost always have lighter volume. Monday may also be light as some traders extend the weekend to 4 days.

Note the “Accumulation/Distribution” ratings below of the Nasdaq, S&P500 and DJIA are all at or above the 50-day line and ALL are above their 200-day line.

Are you registered on the current www.ArmchairInvestor.com site?

If so, you will receive a BRIEF email from me after I post the newsletter each night so you will know, as soon as possible, when it is available for your review..  If you don’t get that message, just click on the popup invitation that appears when you go to the www.ArmchairInvestor.com website(the one listed above) and register.

Are you holding onto stocks that you like in spite of their weak chart action? Not me!  Cash is always a safe alternative. But note this recent broad rotation (past highly rated stocks being sold and underrated stocks being bought,)

>>>>>>>>>>>>> PLEASEREAD THE FOLLOWING NOTE >>>>>  

A long time ago, (after paying for this lesson multiple times…..)  I finally learned two important messages:

1.    I am NOT smarter than the market. And,

2.    The market does not care about my “fine” opinion.

When I see the institutional investors selling hard (as shown by the drop of ”A” and “B” rated stocks, I am happy to step out of the market by selling my QQQ position.  

NOTE:  If you have individual stocks or ETFs that are holding up well, you certainly can hold them. But please keep a tight rein on them.

Remember: Stocks usually fall faster than they rise!

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Wishing you, “Many Happy Returns.”

Charlotte Hudgin, The Armchair Investor,  (214)995-6702

www.ArmchairInvestor.com   (214)995-6702   editor@armchairinvestor.com  

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