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[Platinum Insights] 12.21.22 Is the market done with the down trend?
[Platinum Insights] 12.21.22 Is the market done with the down trend?
August 21, 2023
US stock index futures were in the green on Wednesday with contracts on the Dow Jones futures adding nearly 300 points, the S&P 500 rising 0.5%, and the Nasdaq up 0.3%, after strong quarterly results from Nike and FedEx lifted investors’ sentiment.
Nike shares gained more than 10% in premarket trading after the company posted its best quarterly revenue growth in more than a decade while FedEx jumped more than 4% as earnings beat estimates. Tesla shares also gained more than 1% after Elon Musk announced he will resign as Twitter CEO.
Traders now await existing home sales and consumer confidence data due later in the day. On Tuesday, the major averages eked out small gains to close in the green for the first time in five sessions.
After dropping almost 7% from its last high, the S&P 500 – SPX has started what looks to be our anticipated price action retracement. There is a lot of resistance ahead with the first level being the 50-day SMA followed by the 9 & 20 day SMA, a neckline and a gap. The indicators are still negative and short-term moving averages are trending down. Retracements are common just like back in September.
The DJIA – DJI found support at the 50 day SMA and is still trading above the 200 day SMA. We will test resistance at the 9 and 20 day downward sloping moving averages.
The NASDAQ – NDX is still trading under all our critical SMAs and will find resistance at the 50-day SMA. The MACD, SS and RSI are all negative at the present time and price action is trading way below the 200-day SMA.
It’s good to see some green days but we have a way to go to declare a trend reversal. Have a great day! This information is being provided for educational purposes and is not a recommendation to buy or sell a security.
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[Platinum Insights] 12.21.22 Is the market done with the down trend?
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