Welcome to Momentum Monday as we explore the market’s current bent towards Momentum (or lack thereof) to try to help make sense of what is going on within a business.
As a brief reminder, should you wish to re-acquaint yourself with the methods I use, I have captured them here in a series of articles that I wrote.
This coming Friday is our monthly Lunch ‘n Learn Webinar.
If you haven’t so already please book your spot here. https://event.webinarjam.com/register/126/q1w23i74
Even if you can’t make the live session, still book yourself in and we will be sure to send you a recording.
The content for this week's edition is:
Broader market sentiment
Member corner
Stocks in the “Shine Zone” (including changes)
52 week high screen (including changes)
A reminder that you don’t have to read all this contribution. Simply scroll to the area of interest.
Broader Market Sentiment
We look at the direction of both the US and ASX markets to gain an understanding of the broader sentiment at the minute. It is important to stress here that I DO NOT use this to time my entry or exit out of stocks. I prefer to use the individual charts of stocks to do that. However I find it useful in helping us determine how aggressive/cautious traders should be in their trading. In short the more positive the broader market is the more risks you can take and vice versa.
US / S&P500
US Markets saw a mild pullback as the raising rate narrative returned. At this stage the pullback does not change the current view on the S&P500
S&P500 Weekly chart
4056 is our very short term support level and the upside target remains 4543. MACD and RSI remain strong and the market is in a short term uptrend. Last week I mentioned that the market will need to catch its breath at some point. Here is hoping it is a nice shallow breather rather than a deep one. It is US earnings season soon and given the recent run…
