WALL STREET CRAPS STOCK MARKET STRATEGY JULY 22, 2019
STOCK MARKET STRATEGY FOR JUNE 15, 2019: The stock market is still hovering close to its all-time highs, but has undergone some internal corrections of late. Both McClellan Oscillators are giving “oversold” readings with the Volatility Indicator within a day of reaching a similar “oversold” level. This usually means that the dip here is yet another buying opportunity over the short term.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 27 (oversold)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 27 (oversold)
- Volatility Indicator – Ultimate Indicator – 41 (neutral)
- S&P 500 % Above 50-Day Moving Average – Ultimate Indicator – 40 (neutral)
- Nasdaq 100 % Above 50-Day Moving Average – Ultimate Indicator – 48 (neutral)
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THE BOTTOM LINE: The stock market may easily be in a “buy the dip” situation. Another day of weakness, would make this an even better opportunity for those willing to play the shorter-term game. I wouldn’t be surprised if this choppiness were to continue until the end of the month, too.