April 11 2022 Indices to Watch Sampler
At the opening bell on the New York Stock Exchange on April 11, 2022, what might happen to the markets? Turbo Trading's Indices to Watch List has been posted by Robert Knight, MBA. Note: Paying members get this report and much more. Get a free TurboTrading 1-Week Trial, or become a paid TurboTrading Member to receive the Stocks to Watch List. Here's the free sample:
Indices to Watch April 11, 2022
SPX: In mid-March the index double-bottomed and surged 12% to 4650. It now has made a 3 wave corrective pull back. It found support at 4460. It is just under the 200 day m.a. and key resistance at 4500. It is consolidating in here in a range between 4460 and 4500. Chart is neutral and could go either way. But if the markets are climbing the wall of worry then this could be the start of wave 3 to the upside.
NDX: Tech stocks are under pressure with rising interest rates. NDX broke out of a declining channel and surged to 15200 but failed at the 200 day m.a. and gapped down. It is under 14380 support. Next level 14000. It is much weaker than $SPX. Chart is mid-range and could go either way.
DJIA: The index double-bottomed around 32580. It traded up to overhead resistance at 35000 and the 200 day m.a. where it failed. Support now at 34000. Chart is neutral and could go either way. Over 35600 would be the start of the 3rd leg up of a 5 wave move. Under 34000 would be bearish.
IWM: The ETF made a reverse head and shoulders pattern over the last few months. It tried to break out through the neckline (key resistance at $208 and $211) but failed. It is holding a weak rising channel line. Much below $197 and it probably tests recent lows.
FAS: The financial sector ETF is in a down-trending channel. It failed at $130 resistance and is under the 200 day m.a. If it can bounce here off $103 it would start to form a reverse head and shoulders pattern. Failure at $103 and it probably tests $93.
LABU: The chart remains bearish but I believe near the bottom. It failed at the declining tops line and 50 day m.a. around $19. Support $14.50 and $12.50. The ETF could go either way on the short term as it is mid-range between $14.50 and $17.50.
SMH: After breaking out of a down-trending channel the ETF got up to resistance around $288 and failed. Since the end of April, it has dropped 15.5% trading well below its 200 day m.a.. It is on lateral support here at $246.75. A bounce from this level could be the start of a reverse head and shoulders pattern. It needs to get up through $277 to show a change in direction. For now, the chart is bearish.
GUSH: Oil traded below $100/bbl but the oil stocks remain very strong trading near 52-week highs. The strength is probably reflected in upcoming earnings season where oil stocks are earning record profits in recent history. Support $162. Over $186 and $200 is the next target.
NUGT: Gold stocks also remain strong with gold in a narrow trading range over $1915. Strong earnings expectations probably keeping gold stocks up here. A move through $78 should see the next level of $81.50 and $86.50. Support $72 and $67.
Technical Indicators: The McClellan Oscillator closed on Friday at -46.41 with 47.5% of stocks above their 40 day m.a. After registering overbought at the end of April the markets have pulled back to support and are consolidating. VIX at 21.16 is neutral but no extreme fear. VIX below 20 would be bullish. Indicators are generally neutral and markets could go either way.
Did You Know? TurboTrading Day Trade Members get the full Stocks to Watch list, daily webinar with live trades, our library of 500 educational trading videos, expert commentary, swing trade alerts, ten chat rooms, and more. We also have a membership plan for Swing Traders. Start with a free 1-week trial.
