4/27/2023H UPTREND under PRESSURE Day 21 QQQ up 2.7% Thursday

4/27/2023H UPTREND under PRESSURE Day 21  QQQ up 2.7%

THE MARKET’S MESSAGE:  Good news! Nasdaq climbed off its 50-day line Wednesday and Thursday rising 3.3% higher over the last 2 days!

The PCE INDEX is all over the news today because it willbe released Friday morning before the market opens. But it took me 10 minutes to finally find a definition ofthe index:

.......The PERSONAL CONSUMPTIONEXPENDITURES index (PCE)  measures inflation in consumer spending trends in the U.S. economy, published monthly.

Explanation: “Prices for goods and services change constantly, rising and falling as companies and consumers react to trends in the economy. The PCE measures the changes in the cost of living for households—rather than for companies producing the goods.

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The PCE follows prices of a basket of goods and services… of a typical household (above information was condensed from Forbes Advisor site.)

As said in Benzinga, “ A higher-than-expected figure could reignite Fed hawkish fears.

The PCE price index grew 5% (year over year) in February 2023.

So I wait for the report – and the market’s reaction to the report. I will be watching the opening of the market to see that reaction.

(I know I am feeling inflation at a higher level than the CPE (consumer price index) has been reporting. Perhaps tomorrow will help explain why.

Meanwhile, the Nasdaq popped another 2.4% Thursday. Hurray!  

Again, the Nasdaq outperformed the “other guys” Thursday. This Uptrend just had its 21st day and it is very close to popping out above the January high. But two other attempted highs in the last 4 weeks failed.  I am rooting for a new high breakout.

Looking over the MARKET ACTION OVER THE LAST 20 DAYS table below, I start with the “Type of Day” column to see if there is more serious buying (accumulation days) or more serious selling (distribution days.)

In the last  10 days (2 weeks), the market had:

·      2 accumulation(buying) days

·      No distribution (selling ) days

·      7 days were “consistent with” an uptrend and only Thursday (yesterday) was “consistent with” a downtrend.

Every Uptrend has moments of hesitation.Let’s let the market tell us if this will be a market top or is just taking abreath.

This Uptrend just had its 21 day and it is very close to popping out above the January high.

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Reviewing the MARKET FACTORS, COUNTS & RATINGS table below, note there is GOOD NEWS HERE!

·      The market is on the 21^st day of this Uptrend, that’s 4 weeks.  Note: I usually make more money in an Uptrending market. Don’t you?

·      The RISING/FALLING RATIO OF LEADER STOCKS remains a neutral 1.0.

·      The Nasdaq Accumulation rating is a solid B (sorry about that D- for the S&P500 and  E for the DJIA indicating they have more sellers than buyers.)

If you hold some of those lagging indexes, I hope it’s not too much. I don't hold them and suggest you rethink that strategy if you do.

·      NOTE:  The day’s closing price for all three indexes popped higher – again confirming the higher number of buyers than sellers in this market

The ACCUMULATION/DISTRIBUTION TABLE tells me that the was a very small dip in the A and B stocks over the last week..  The As and Bs still own 45%of all the stocks – almost half!  That tells me it should not be too hard to find some strong stocks to invest in whenI am confident the market is rising again.

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Wishing you, “Many Happy Returns.”

CharlotteHudgin, The Armchair Investor,  (214)995-6702

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

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