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WALL STREET CRAPS STOCK MARKET STRATEGY SEPTEMBER 3, 2022

September 2nd, 2022 Comments off
craps front cover

The stock market declined this past week with only one day to the upside. The market is due for a relief rally that may get started early next week. But this next rally may be setting up the market for a large drop after this temporary buying subsides. My guess is that the market will be very tricky to trade in the coming week. And for many people especially those who want to go long, this may be a good time to avoid the market until a more pronounced bottom has been tested and formed.

Key underlying short-term timing indicators show the following:

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NYSE McClellan Summation Index: This indicator is trending sharply lower with a current reading of 33. It should reach the oversold territory in one more trading day.

Fear/Greed Index: This popular indicator is in the “Fear” territory with a reading of 41. A reading below 25 is needed for a tradable low based on this sentiment indicator. This indicator is several days away from signalling a bottom.