Indices to Watch Sampler May 23, 2022
When the New York Stock Exchange opening bell rings on May 23, 2022, what are Robert Knight's market predictions? Read this sample Indices to Watch Report! 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 May 23, 2022
SPX: The index made a new 52 week low dipping into bear market territory on Friday. It remains in a strong descending channel. The index is under constant selling pressure as the algos sell into any rallies. Most likely the index trades down to the next support level around 3700. Chart is bearish.
NDX: The index is much weaker than SPX down 36% from its ATH. But many growth stocks are above their March lows with the SPX trading to 52 week low. Tech stocks lead the market lower, maybe they will lead it higher in here. 11600 key support. Under that and 11000 is the next target. Index remains very bearish.
DJIA: The Dow traded to new 52 week low on Friday. Support around 30500 and 30000. Chart is bearish.
DJTA: The trannies have failed dramatically here trading to new 52 week low. It is on support here at 13200. Failure at this level could take it down to 12000. Chart is bearish.
IWM: The Russell 2000 ETF is at the bottom of a strong down trending channel. It held at $169 lateral support. $165 and $159 next levels. Resistance $183 and $188. Chart remains bearish.
FAS: The financial ETF failed to hold support at $74.50 making a new 52 week low. It remains in a strong down trending channel. Look for it to trade down to $61.50 area. Resistance $83 and $94. Chart remains bearish.
LABU: The biotech ETF is bear flagging as it remains in a strong down trending channel. Maybe support $4.35. Resistance $8 and $9.85. Most likely the ETF is rolled back 1:4 in the near future. Chart remains very bearish.
SMH: The semiconductor ETF remains in a strong down trending channel. It is at the bottom of the channel and on lateral support near $215. Resistance $237 and $250. Chart remains bearish.
GUSH: Oil remains strong over $110/bbl but the stocks are fighting a bad market. The ETF is coming into the apex of a wedge pattern. Support around $150 and resistance around $177. Look for to coil in here for the next few weeks.
NUGT: The precious metal ETF collapsed dramatically with the sell off in gold and silver, down 50% from its highs in a month. Support around $41. Resistance around $50. A soft commodity and soft market makes the chart bearish.
Technical Indicators: Only 15.5% of stocks are above their 40 day m.a. The McClellan Oscillator is -15.25. VIX 29.4. Markets are not over sold at this level. There is still lots of energy available to take markets lower. We have not seen capitulation levels yet. Look for markets to continue to sell off.
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