WALL STREET CRAPS STOCK MARKET STRATEGY JULY 15, 2022
The stock market has been staying above its June lows in the face of horrible news on the inflation/interest rate front. The rally so far from the June lows has not been very impressive, but the internal indicators are setting up for a possible tradable low on either Monday or Tuesday of next week. So keep your powder dry and buy into weakness early next week for a possible rally into August. Overall, the odds look good for decent bet to the upside.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 35 (neutral)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 37 (neutral)
- Volatility Indicator – Ultimate Indicator – 53 (neutral)
- NYSE Advance/Decline Oscillator – Ultimate Indicator – 33 (neutral)
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NYSE McClellan Summation Index: This indicator has a current reading of 55. It is just now starting to trend down which is not in tune with a tradable low early next week.
Fear/Greed Index: This popular indicator is in the “Extreme Fear” territory with a reading of 24. This may be low enough to confirm a “retest low” for early next week.