WALL STREET CRAPS STOCK MARKET STRATEGY AUGUST 22, 2020
August 22nd, 2020
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STOCK MARKET STRATEGY FOR AUGUST 22, 2020: The stock market is hovering near its all-time highs in many indices. But the real strength has been in large tech companies like Apple, Google and Amazon. I suspect there will be one more rally coming soon since some indicators are showing “oversold” reading today.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 15 (oversold)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 20 (oversold)
- Volatility Indicator – Ultimate Indicator – 56 (neutral)
- Risk On/Risk Off Indicator – Ultimate Indicator – 47 (neutral)
- Dow Jones Transportation – Money Flow Indicator – 85 (overbought)
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NYSE McClellan Summation Index: This key trend indicator broke below its 15-day moving average on Friday which has been an early sell signal in the past.