Indices to Watch Sampler February 13, 2023
When we hear the opening bell at the New York Stock Exchange on Monday, February 13, 2023, what does Robert Knight predict will happen in the stock market? This report covers these major stock indices: $DJIA, $DJTA, $FAS, $GUSH, $IWM, $LABU, $NDX, $NUGT, $SMH, $SPX, and Technical Indicators. Note: Paying members receive 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 February 13, 2022
SPX: The index made a large reverse head and shoulders pattern and broke out through the neck line at 4100. It failed at 4200. It looks to have made a 3rd wave of a 5 wave pattern up. 4th wave consolidation now before continuation over 4200. Chart is bullish.
NDX: It did trade up through its 200 dma to key resistance at 13000. Now backed off. Support 12100. It is not as bullish as the other indices. If they all continue to trade higher is will pull the generals along with them.
DJIA: The Dow is the strongest chart having double-bottomed back in October. It made a "golden cross" and now making a bull flag. It needs to get up through 34300 to confirm the breakout. Chart is bullish.
DJTA: Trannies made a reverse head and shoulders pattern and broke out through the neck line. It then traded to 15285 resistance and got rejected. Support around 14670 and 14000. The 3 main indices have put in a Dow Theory buy signal. Look for markets to continue to trade higher as the new bull market starts.
IWM: The Russell 2000 ETF triple-bottomed at $164. It broke out of a declining channel and formed a "Golden Cross". It traded to $200 resistance and now is on lateral support around $190. Over $202 would be very strong for markets. Chart is bullish.
FAS: The financial sector ETF formed a reverse H&S pattern and traded up to the neckline at $92. It formed a "Golden Cross". Through $92 will signal strong change in direction for markets. Financials often lead markets out of the bear phase into the new bull phase.
LABU: The biotech ETF tried to break out of its 6-month consolidation pattern but has pulled back sharply to support around $7.25. Continuation to the downside could take it back to $6. Chart remains bearish.
SMH: The Semis have made a huge move from their October low move 52%. They traded up to the neckline of a reverse H&S pattern but failed to hold the support at $247. It has made a "Golden Cross". $230 will be key support. Chart is bullish and looks to lead markets higher in the new bull phase.
GUSH: The oil stock ETF is in a large coiling pattern and just below the 200 dma. Chart is neutral and could go either way. $130 support $160 resistance.
NUGT: After a strong reversal pattern on Oct/Nov the chart was looking very bullish. But, the commodity got whacked and negated the developing bullish chart pattern. See if it holds $33 support. Chart is bearish now.
Technical Indicators: The indicators have a bearish sentiment to them with the McClellan Oscillator at -82.96. 70.69% of stocks are above their 40 dma. VIX at 20.53. But we are not overbought nor oversold. If we do get an upside catalyst with CPI numbers there is lots of energy to take the indices through key resistance levels and give a strong bull market signal.
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.
