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WALL STREET CRAPS STOCK MARKET STRATEGY DECEMBER 25, 2024

December 26th, 2024 Comments off
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The stock market has just had a sharp decline that broke through many moving averages and trend lines. But the oversold readings likely signaled a short-term bottom for a final move to All-Time Highs. If there is a new closing high in the DJIA that is not confirmed by the majority of other indicators, then we could have our final high and a classic “Dow Theory Sell Signal” or “Joe Granville Sell Everything Signal.” That final high must also coincide with an obvious “Cover Story” to bring in the “Bagholders” or final sucker buyers who will be left holding the proverbial bag.

Key underlying short-term timing indicators show the following:

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NYSE McClellan Summation Index: This index’s oscillator has a current reading of 10. This indicates that a bottom is in this area and the next move it up.

Fear/Greed Index: This popular indicator is in the “Fear” territory with a reading of 34. It did reach an oversold reading last week for one day and qualifies as a “buy signal” for this indicator.

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