5/1/2023M UPTREND Day 23 (under PRESSURE) Market quiet, waiting for Federal Reserve Open Market Committee announcement on Wednesday 2 and 2:30p.m

5/1/2023M UPTREND Day23 (under PRESSURE)  Market quiet,waiting for Federal Reserve Open Market Committee announcement on Wednesday 2 and 2:30p.m

THE MARKET’S MESSAGE:  Market volume light waiting for Wednesday announcement

Expect Monday, Tuesday and Wednesday to be quiet as we all wait for the Federal Reserve’s latest announcement on their interest rates.

Catch these 2 announcements:

·      Wednesday, 5/3  2p.m.  FOMC (Federal Reserve Open Market Committee) summary of committee action

·      Wednesday, 5/3  2:30 p.m. Federal Reserve Chair’s Press Conference

BACK TO BUSINESS……           Key points made in Friday’s ACI newsletter:

How do you know when to get into and hold the QQQ. It is, of course, your choice.  Ido not tell you when to make those moves. I tell you when I make those moves. Follow me or don’t. Your choice.  And “buy & hold” 16.8% is a very nice earnings over the first 4 months of 2023. Beware….. a “Buy &Hold” strategy, rarely out-performs the Armchair signals.  But this year, so far, is an exception.

So far this year, the QQQ strategy has earned +8.9% over the first 4 months.  If it continues to earn that much, for both of the last two 3-month periods, it will earn 29.1% in 2023.   I am NOT promising that return.  I just want you to see there is time to continue this year’s growth.

The quiet Monday is “as expected” … almost not price moves and lower volume.  Expect this again on Tuesday.  The market should take off on Wednesday after the Fed Chair’s interpretation of the current market.

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 12 trading days, the Nasdaq had:

·      4 accumulation (buying) days in the last 12 days

·      No distribution (selling ) days in the last 12 days

·      8 days were“consistent with” an uptrend and only last Thursday 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 a breath.

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

·       The market is on the 22nd 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&P500and  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

The As and Bs now 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 when I am confident the market is rising again.  

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>>>>>I appreciate any feedback you have for me. Please send comments and ideas to:

Editor2023@armchairinvestor.com

Wishing you, “Many Happy Returns.”

CharlotteHudgin, The Armchair Investor,  

www.ArmchairInvestor.com   (214)995-6702   editor2023@armchairinvestor.com  

2023 ACI NEWSLETTER sent via WEBFLOW

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