As projected yesterday, when all the short-term signals turned up in unison, the market had a strong blast to the upside today.
Long-term breadth turned positive after a 25-day decline so one assume there is more to come in pre-holiday trading. Except for being overbought – forty of the stocks in my nifty-50 stock list are on buys with 28 overbought – this rally could carry beyond the Thanksgiving holiday.
Bulls, give thanks.
SWING TRADING SIGNALS:
LONG-TERM BREADTH: Buy (Day 1).
PRICE: Buy. (Day 2).
SHORT-TERM BREADTH: Buy. (Day 4).
VOLATILITY: Buy, (Day 4).
SPY CLOSE – 259.99
QQQ CLOSE – 155.50
CNN MONEY’S FEAR AND GREED INDEX: (54, rising, neutral level).
NIFTY-50 STOCK LIST: 40 Buys; 28 Overbought, 4 Oversold, 6 new buys today, 2 new sells.