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O Holey Market 4/20/21

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This market is full of potholes!

Back in 2019 I was driving my old 350Z convertible in Philly. I turned onto a street that contractors had just stripped of the asphalt topping. The raised manhole covers were sticking out about a foot. I went over one of them. It took at the bottom of my car and ripped the frame to shreds. 

The car was totaled. 

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Hourly indicators only came down to around neutral and are just sitting there. Until they go negative benefit of the doubt goes with the trendlines. Which, in case you haven't noticed, are still all green. 

The 2 day cycle down phase is 4178, which they already hit on yesterday's pothole. But the V rocket fell short of a new high. Buys held an edge in the stock screens. I'll get to that below. 

Markets Awash in Cash – Where, How, and How Long, Revealed

Stock Market Gets Knocked Down But Still Packs Punch

 

 

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10 Year 1.63. Where's the rally? 

You remind me of an old regular poster we had here. I Am Madness was his handle. You're not him, are you? 😀 So far that's two people you remind me of.  I'm worried that this could be the beg

Bulls took yesterday's screen game with 16 buys and 11 sells. 

This is swing trade buy signals vs. sell signals from yesterday's action.  I screen all stocks and ETFs from the NYSE and NASD, excluding those with less than an average of 1 million shares per day traded, and selling for less than $6 per share. 

These are again very low numbers for the second straight day. The market is apparently riding the residual momo from the 58-16 bull win from Monday's action. And that could be a second wind off the thrust of the 155 buy signals that started the 6 month cycle up phase back on March 28. That was the Big Kahuna.

This is raw data. These are not recommendations. They represent charts that have triggered short term signals near key cyclical support or resistance levels. Pick through these and see if there are any that you like from your own charts. Feel free to post your charts here with comments. 

You can see which ones I actually pick each week by subscribing to Technical Trader. 

Get ’em While They’re Hot – Swing Trade Picks For Week of April 26, 2021

Here is today's  output. 

Symbol Buy Sell 500 200 125 50
BJ 1 0 0 0 0 1
BFb 1 0 0 1 0 0
CPB 1 0 1 0 0 0
CB 1 0 0 0 0 1
CMCSA.O 1 0 0 0 0 1
JNPR.K 1 0 0 0 0 1
LYB 1 0 0 0 0 1
OSTK.O 1 0 0 1 1 1
MINT.K 1 0 0 0 0 1
QCOM.O 1 0 0 1 0 0
RLGY.K 1 0 0 0 1 1
SIX 1 0 0 0 0 1
TU 1 0 0 0 0 1
TXN.O 1 0 0 0 0 1
UL 1 0 1 0 1 0
XLNX.O 1 0 0 0 1 0
MRK 0 1 0 0 0 1
AMD.O 0 1 0 1 1 0
AZN.O 0 1 0 1 0 0
CTXS.O 0 1 0 0 1 1
CREE.O 0 1 0 0 1 1
YINN.K 0 1 0 1 0 0
EBAY.O 0 1 0 0 0 1
F 0 1 0 0 0 1
TS 0 1 0 0 0 1
TME 0 1 0 1 0 0
TCOM.O 0 1 0 0 0 1
             
Totals 16 11 2 7 7 18

 

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After gathering all the data, and carefully considering it, weighing both pro and con, my professional opinion is that the market is fucked up. 

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