Technology On Its Way Down? | Carl Swenlin & Erin Swenlin | DecisionPoint Trading Room (07.10.23)
foreign good morning and welcome to the decision Point trading room my name is Erin swendlin and I am here with my father Carl swindlin it is July 10th and we have lots to say I do want to let you know that the Q a box is how you are going to talk to us you can send in your simple requests and questions that way and we'll be able to answer them the chat room is for you and I do believe my moderator is in-house currently he will welcome you to the chat room and you guys can get the conversation going in there amongst yourselves all right without much further Ado dad I'm going to pass it to you and let's see what's on your mind and what's going on with the market okay I think a good place to start is technology sector um what we have here is a double top in the technology sector you know it's the second top is not fully executed but we have a top beneath the top and we need to press to drop below that fully start a new um a downtrend at least in the short-term interior term the Silver Cross index is overbought and trying to top and if we keep the negative pressure that we've got so far this this morning uh we should see that drop down Golden Cross index basically it's almost to the level it was at the all-time high so um I I think we're um okay there but I think we should be looking for a top in the technology sector and therefore a top in the market let me move something out of the way here okay now here's one of the reasons I feel like technology will be topping because you know Apple I think you know you can see it had a very steady advance and then at the end when it got everybody was rooting for it to get the 3 trillion which it did it kind of went vertical now it's backing off broke down through that short term parabolic there and I don't have a downside Target but I think it's going to take a breather let's take I've renamed this group it used to be called fang now I've renamed it to Magnificent Seven not original I heard it on the business Channel last week so but I think it's appropriate here's Amazon it is also topping Google has tops over a month ago and uh it's on the downside today beta is it's still advancing and getting a little steeper but still not so much that I fast to top but it's uh it's vulnerable with the rest of the tech I think Microsoft another top information and shoulders you see we've got this uh large cup formation and I think what we might be seeing is uh forming the handle for that cup going down in this area at least Netflix had a parabolic up move and uh moved sideways through it it has a broken novel we do have a double top there in a short term Nvidia this is what started that last rally that kind of blew our bearish picture or Outlook out of the water uh you know I remember remember that for months we were hearing how AI is basically going to be the Incarnation of the Terminator sky that from the movies and uh nothing but negative about it negative negatives and then suddenly AI is saving the world and um Nvidia blast upward and uh basically we still have an island potential Island versus sitting here right now the the uh the bullish outlook on AI is not wrong per se I just think it's it's a bit of smoke and mirrors at this point nobody knows exactly how this is going to pan out so there's not any concrete a reason for this to happen but again it's uh an emotional Market always and uh and that's what we have right here and then Tesla this is the Magnificent Seven plus one right this point Tesla being the plus one um Gap up and it's moving down to fill that Gap short term notice that the pmo has got a top a lower top against the higher price top so that's a negative Divergence let's see okay yeah I wanted to take a look at um the earnings for first quarter of 2023 was finalized and we we can see that after three months of declining earnings they popped up uh for the first quarter this is where it's projected to be by the first quarter of 20 20 I'm sorry uh 2024. okay back to hey we didn't just get a quick uh question I noticed so what are the Magnificent Seven okay um let's see I guess you can see there's the list Apple Amazon Google Beta Microsoft Netflix and Nvidia that's that's what I'm carrying is the Magnificent Seven okay the let's get to the market the current market got a short term double top in this and spy um basically I think we're gonna be treading water until uh about two weeks from now when the Fed uh has their next meeting um certainly um we are again due for a pullback bias assessment basically we've gotta still got a strong negative Divergence we have this higher price High and the Silver Cross index is at a lower top um Golden Cross hasn't top yet and that takes a little longer but right now for the for the Silver Cross our potential is to go to 65 it's already 67 so there's really not any potential upside right now for a the Silver Cross index and the Golden Cross index 200 dma is about 63 and okay so there's a potential upside of about nine points for the Golden Cross index not saying that's where it's going but there's the potential out there at least for that okay I want to look at the are two primary long-term and short-term indicators the S start terminal trading oscillator is short-term uh here's for breadth and then for volume it topped out last week our intermediate term indicators itbm intermediate term breadth momentum nit volume momentum I notice there's a negative Divergence on the volume both of those have topped out and uh I'd say they are simpatica right now so short term setting down intermediate terms heading down with a potential for down around this area here possibly okay the U.S dollar is basically in a downtrend we've got currently sideways most movement this is a one-year chart and uh this is a rising wedge very gradual no-tilling when it might break down uh gold is also in a downtrend from this all-time high here and uh they have the rounded top which forecasts lower prices now this may be as low as it goes I don't know right now we've got a a shorter term rounded bottom here saucer formation and uh um that may be the end of the decline but we shall see Commodities are not doing well and uh Uso is another one it's stuck in this area I something's got to happen to break these things uh right now it's just drifting sideways bonds they're drifting sideways and uh but let's here's a Aron and I were talking about this this weekend um bonds are have broken a 40-year rising trend line and they're headed lower maybe not as it might not talk faith 40 years to get back down to this level because down is usually faster but anyway you've got the yield a breakout which implies higher yields and lower uh bond prices yields right now we've got this one year chart showing from the one month to the 30 year and it's inverted the the highest yields right now the highest right now is is the three months bill and the one year note energy is coming back right now we've got let's just update that chart yes the the 50 um is still above the 20. so we're looking for an upside crossover of the 50 and the 200. obviously look that is yeah that's what immediately we're looking for a crossover of the 50 above the 200 and shortly after that we would get uh 20 over the 50. this is uh a sideways pattern
and it's hard to make any strong conclusions when you've got this this kind of threading okay we've covered that and now and that is there anything else I should uh let's see Bitcoin um the 10-year yield Bitcoin let's do that Bitcoin yeah that's another thing let's go to the longer term chart I was expecting this bounce to pretty much end about this level but we've got Larry Fink from BlackRock talking about a new ETF for Bitcoin or for uh cryptos and so there's there's smoke and mirrors interest in the you know in the cryptos again so that might we might be seeing this uh Rising Trend continue but it has been stalled right at this level it's this far and the other thing you mentioned oh the 10-year treasure yield it's a rising Trend off of this low and uh has hit resistance bounced three times three days in a row trying to get above this level but it's in a rising trend yeah the pmo still looks pretty healthy yes any other questions I don't see any yeah questions um you know I guess Warren Buffett says to buy and hold the Spy I he and I don't think along the same levels not that he's wrong obviously he's right a lot so but I'm just saying I I uh I'm looking for a pullback on spy so that's that's my uh right on that there yeah whether it turns into a correction or not we'll have to see but certainly we're vulnerable now to that correction when especially when I look at our Silver Cross and Golden Cross indexes right absolutely all right let me go ahead and share my screen we're going to go ahead and take a walk we've looked at some of the sectors already so I'll try not to get too involved in the ones we've talked about but I did want to give us a good review of what's going on currently within the sectors and you know the the main thing that I would say is a lot of these pmos are decelerating and that is not a good sign for the market and we have to be really careful with that as far as where there looks like there is strength energy you know of course as soon as I got really bearish on energy energy did decide it wants to turn back up which is what we were looking at on the energy chart before and I will go into that energy chart just a little bit more because right now I'm looking at this and I see a flat top and Rising bottoms and that is a bullish ascending triangle so so there is a chance here for a break out there and something we might want to look more closely at I'm also noticing with Industrials having a really good day today that pmo which had started to turn over it does look like it's getting ready to bottom above that signal line so Industrials are starting to look pretty interesting Healthcare and utilities technology right now those are starting to look really weak particularly Healthcare which is dropped below that 200-day EMA and now has a new crossover cell signal on the pmo big problem there technology as you said you can see a double top is building here and the pmo has already been in Decline now I think the good news is that the pmo has been declining for quite a while and we haven't seen a huge breakdown in price yet so that does give us a little bit to hang on to as far as technology let's go ahead and dive in please yes on that technology yes that's a short-term double top one not sure but uh the uh the one I should pointed out is like a year and a half double time and that's that's major if it breaks down absolutely it is all right let's go ahead and look at some of these sectors in more detail here before we get into symbol requests but right now you can see that um you know com service is still clicking and when we looked at that meta chart you could certainly see the rising trend is still intact meta is pretty much the com Services sector so looking at this chart and looking at Microsoft should be very similar as far as participation goes under the surface certainly we got a bit of a pullback out of overbought conditions which is very good news and you can see on Friday we did get a pause in that decline on those participation readings but stochastic's falling right now I still think that with this top beneath the signal line we really are vulnerable to a decline and a drop below that Rising trend for com services consumer discretionary again still in a rising Trend but look at this we now have a new pmo cell signal coming in and participation also paired back on consumer discretionary it's still a healthy numbers still above 50 percent but certainly cracks in the foundation here notice also that stochastics are falling it's certainly been a an area of relative strength compared to the Spy as you can see the rising Trend but right now we have to be careful again in consumer discretionary really it seems we need to be careful across the board Consumer Staples not really breaking down still holding a short term and an intermediate term Rising Trend but we do have a pmo that's topped almost below the zero line showing some weakness here in momentum and you can see that the participation numbers well below 50 percent so we need to see some action in this sector to start getting that participation up but really what this looks like is a sector in Decline stochastics are in agreement with that XLE we did look at XLE um I was really feeling quite bearish about XLE and it was all I was literally the very next day that participation bottomed and we got it shooting back up crude oil has been going up and that's certainly helping but it's also crude oil is against overhead resistance and so is energy here you can see but we do have the flat top Rising bottom so really the expectation here should be a breakout for energy and certainly we have readings that could support a breakout here stochastics turning up in positive territory so energy actually looking like an interesting place to be we got very bearish on it and like I said it's it's was incredible the very next day it was a huge rally in participation just shot right up through the ceiling financials is where I'd like to be because that's where we have a lot of beat down stocks stocks that were really taken down with the whole Bank problem and they weren't Banks so there are certainly financials out there that are going to be good to look at I like this bounce off of the short-term support line and the pmo is starting to accelerate so financials looking kind of interesting right now above 50 percent on the participation readings of stocks above their 20 and 50-day EMAs just now got a 50 reading on the percent of stocks above their 200-day EMA so really a nice setup here for financials also notice that relative strength picking up so Financial is looking like a very interesting area of the market right now don't need to spend a lot of time on Health Care certainly in Decline pmo sell signal loss support at the 200-day EMA stochastics falling certainly not the area to be looking in just yet Industrials like I said looking very healthy another area of the market financials and Industrials you're seeing that bottom above the signal line for the pmo and very strong participation readings the only issue I can see here is that you know we do have a very overbought Silver Cross index and really there's nowhere for it to go but down very soon so particularly if we get these participation readings right now we have fewer above their 20-day EMA and that could certainly make us lose a few of these silver crosses that we have currently but still Industrials and financials I would say looking the best materials uh you know really kind of wishy-washy here and the pmo is showing that it's on its way down to a crossover cell signal and participation did tick up on Friday so that's not too bad and stochastics do look like they're decelerating here but I would say financials and Industrials look more healthy than the material sector right now and real estate this was an area that I was really liking on Friday but we are seeing a little bit of thinning in participation it's at least hanging out of those overbought readings stochastics now moving just a little bit below 80 but you can see relative strength still good for Real Estate I think there's still some upside potential here but we do need to be aware that these participation readings are starting to shrink just a little bit and finally let's see technology short-term double top we talked about the longer term double tops setting up here this is a problem mode for me this is an Adam and Eve double top for sure you've got the pmo on a sell signal moving further down um you've got such a strong Silver Cross uh index and a golden cross index that is very strong but honestly they're in overbought territory and Technology really does look primed for a decline finally we look at utilities and another place not too exciting to be in the market we also have a double top here below the 200-day EMA pmo topping very low participation readings again not the place I would be looking to throw my fishing line all right so really we want to concentrate on financials and on Industrials right now let me get this out of the way so we'll go down to our industry summary so we can dive in and get a little closer look at what's going on within those sectors a lot of times when I go in and I start looking at the industry groups maybe there's one or two that look good but maybe not so many uh others so that can tell you where to concentrate or just to know which one is truly internally the strongest asset manager is looking pretty good but the pmo is topping Banks trying to make their way up pmo is at least on a Buy Signal but stochastics topping not a it isn't a rising trend rise in trend for financial Administration this one looks very strong getting ready to come and test that 200-day EMA Insurance Brokers not so great a little bit of toppy here full line Insurance still in a nice Rising Trend Channel pmo Rising like the look of that life insurance nice breakout above the 200-day EMA so this might be a good place to start looking for some stocks within life insurance Property and Casualty well kind of uh stuck around those key moving averages not really giving us a Breakout reinsurance breaking out to new highs pmo is on a Buy Signal stochastic's topping a little bit I think I like life insurance the best so far mortgage Finance looking okay pmo flat though stochastic's turning up in positive territory but that flat pmo and not getting Above This overhead resistance makes this a little bit less exciting Investment Services not so much pmo topping Consumer Finance flag formation looking uh pretty good at new highs and that pmo does look like it is starting to accelerate higher so Consumer Finance looking interesting in financials and here we have flat top Rising bottoms ascending triangle on specialty Finance stochastics did pause so they're not in Decline anymore but that pmo still looks really vulnerable to a crossover sell signal so I'd want to see a break out here for sure so I would say really going through these life insurance has the best setup on um honest charts so checking out life insurance are in stocks might be a good idea if we just go really quickly in here we can organize by the stock charts technical rank get a feel for which ones might be breaking out and where we want to concentrate a lot of nice moves here Primerica looks good on a nice Rising Trend pmo Rising really pretty much traveling in line with its Industry Group which is now starting to pick up strength so not a bad one there in Primerica citizens looking interesting here getting close to overhead resistance that does look like a very low volume stock though let's go over to Unum group this one looks great breaking out to new highs pulling back a bit today but that could offer a really good entry stochastics above 80 and Performing quite well against the Industry Group itself all right so that really gets us into the next one which is Industrials we'll go through a little bit there see if we can't find a stock or two in there delivery services ah looking all right Airlines really really overbought it really would have liked to have gotten involved in Airlines on this flag formation um broke out above and made some new highs still continuing upward but uh you know I think most of the move might be made in Airlines I'm not so sure we're going to get much more out of it Aerospace hitting overhead resistance pmo topping billing materials nice little pop from what could be a flag formation but pmo topping um defense stuck beneath the 200-day EMA nice move on Industrial suppliers we do see that the pmo is turning up above its signal line which is a nice pmo surge industrial Machinery not so much because the pmo looking okay here for commercial vehicles with that pmo turning up above the signal line gotta like that heavy construction nice breakout pmo needs to stay above its signal line but I like that Breakout Diversified Industrials not seeing too much in here that's exciting me on Industrials flag formation possibly on waste and Disposal I'd have to say the financials are looking a little bit more healthy here than the Industrials but we can't um we can't sneeze of what's going on Industrials themselves as a sector but I have to say that when we dive in and look at these more closely that I have to say financials are looking very interesting right now all right that leaves us with about half an hour for some some symbol requests I will have time to show you some of the trading that you can do using our five minute Candlestick chart so this should be a really interesting exercise for us let's get started okay we've got a question here yes we're rebalancing NASDAQ effect big cap stocks as far as rebalancing the NASDAQ when you have a an ETF like um um the S P 500 equal weight they do rebalancing on that uh quarterly and uh in that respect the big tech stocks will have less effect on that particular ETF on the prices but I know what certainly the big tax are really excessively weighted at that there are they balance every rebalance every quarter so in the last quarter they've been really expanded so but I don't know what would expect exactly what you're referring to here I think yeah I mean I think that uh what's going to affect the big cat big cap Tech right now is just the fact that everything's starting to pull back and it's you know certainly affecting the NASDAQ as it is the rest of the market with the Magnificent Seven starting to show some cracks in the foundation for sure yeah all right let's go ahead uh someone says that markets now look like 1999 what do you see I remember that Jeff Sica said this on Varney this morning I was on my back doing back stretching exercises I I don't recall exactly what his reference was there but uh I other than I'm you know not making any big broad pork and I'm just saying right now I think we're getting ready for pullback and I think that's what we're looking at right now all right let's hop into those uh symbol requests yeah I have to say I mean really my concern at this point with the Spy is you know we are in pullback mode I think there's no doubt we're getting ready to to pull back even further my concern at this point is will it be a correction you know how far down are we gonna go and with both the short-term and intermediate term indicators you know I can just pull that chart up really quick but the fact that both of them are declining like they are that really does does not bode well we need the broader markets to participate here because you know if you look at our bias chart clearly we had 90s back here in early um late um January February and even back here at those August tops but look at the readings that we had we were in the 90s on these tops and we're only in the 60s currently so that tells me that those big Mega cap stocks are continuing to lead the market while the broader Market is starting to catch up and that's why we're getting that Silver Cross index moving there's still a lot of um portions of the market that aren't participating in this rally and now we're getting the pullback and I don't know that the broad Market is going to be able to support this rally if those big Mega caps start to turn a correction we're up in the 80s 80. when those two spots all right okay you want to try imgn well let's try it let's see what's going on certainly a huge breakout here in May which basically turned everything that happened before it into a straight line we're not seeing much there so we'll just concentrate on this right side of the chart but you can see pmo is in Decline with price it is sitting here now on that 20-day EMA I think part of my issue with this one just out of the gate is that it is in health care and biotechs while they're performing in line with the s p there's still so much weakness in that Health Care sector that I would be very careful with your health care positions right now this hasn't broken down we're seeing that pmo is Unwound out of those really overbought conditions so things are getting prepped for a nice little bounce here off the 20-day EMA but the broad markets if we're going to start seeing that pullback continue this is going to make this one particularly vulnerable at that 20 day because we do have that Health Care sector that's not performing so well but let's just say we are going to get this bounce off the 20-day EMA and we might want to be involved in it for me of course most of you know I don't get involved in a stock that has a pmo that is pointed lower so that is a problem for me but let's just go in and look at a five minute Candlestick on the five minute Candlestick we like to find a pmo crossover Buy Signal like we have here with a positive RSI that's what we're shooting for and you can see that that's exactly what we've gotten so if this is something you wanted we do see the PML getting ready to turn right back down here so you might be able to get a nice buy point at these lows um probably want to wait this one out just another couple minutes but knowing that the prior buy point was in this area I think it wouldn't be a terrible thing if you were to get involved in it now I did have a question and email about what do you do when you've got a winner and you want to get involved in it and the five minute Candlestick is just not um cooperating what I usually will do is I go back and look at some prior buy points where did it signal that I should get in and if I get anywhere near that that would be great but if you're in a winner that keeps on winning and you're kind of stuck because your pmo is just continuing upward and you just have to make that decision one way or the other if the pmo is rising and you've got a Parson of RSI you're likely getting in at a good point so if that is occurring when you get to your chart if it just is not you don't have time to wait for it to change go and look at those prior buy points look at where you might have wanted to get in in this case you can see the prior buy points down here but I would be I would be fine if it got back down to this 1845 level as an entry you know that's that's a biotech start you want to take a look at the Industry Group yeah I think that's an excellent idea so we know that Healthcare is really suffering but what the heck is going on with biotechs well biotechs participation wise are certainly oversold so that's a good sign stochastics are turning up in oversold territory pmo is kind of flat here though we're in a big trading range for biotechs and you know biotechs tend to be a pretty lucrative area of the market and we like to get involved in them because when they move up they usually move up very quickly but right now we're in this training range we're getting the bounce right now though dad I have to say I mean it doesn't look terrible to me at this point um we just need to see more participation under the surface that Silver Cross index is still in Decline and well a golden cross is starting to settle in at 35 but that's still both of these are still below our bullish thresholds I would really be interested in seeing what's going to happen with this rally if we end up with a little double bottom I mean that looks like that's coming together kind of flat kind of flat not a real exciting Industry Group to look at here qrbo all right okay this is a semiconductor since we're talking the semis why don't we look at the semiconductor group first and I promise to go back to qrvo but we happen to have the golden and silver cross for semiconductors just like technology the big problem here is very overbought readings I mean we have a 92 reading on our golden cross index that is very overbought territory we should be looking for a decline here look at what's happened to participation of stocks above their 20-day moving average that is a huge huge hit to be down to 36 percent above their 20. this number the Silver Cross index is going to start falling if big Tech is going to start failing like we think it will this is going to be one of the first places that it's going to fail and that's in the semiconductors so let's get back to qrvo and we knew know that right now let me get that back in there so it'll go to where I want so with technology looking weak with semiconductors overbought and weakening I'm not so sure this is where I'd want to be I'm thinking that this might be a great area to profit take here at the top of some overhead resistance here coming in pmo did turn up so I'm not going to say that's bad and obviously the obv's got a little bit of a positive Divergence going on so this might be an exception to the rule of semiconductors stochastics moving above 50 I don't think I'd trust this though knowing the backdrop with semiconductors starting to show that short-term weakness I'd be really careful with this one but you know a positive obv Divergence does suggest we're going to get a breakout here no actually that's that's a very Divergence really you've got really I mean we've got Rising higher obv but it's not pushing prices up sure so while we have Rising bottoms and declining bottoms there is the problem that when we were um you know at these we haven't gotten to the prior highs where we um above those so that would be more of a reverse Divergence about a weekly let's look at the weekly doesn't look that bad I mean as far as semiconductors go the thing is is we know that the semiconductors that a lot of them have really moved higher this one is not really seen the same kind of action that say an Nvidia has seen so this one already is kind of starting off at a disadvantage so while the pmo is turning up certainly I could see holding this one but it might be time to take a few profits here with technology starting to turn over and particularly with semiconductors themselves starting turnover we haven't talked about cell points so I'm going to look at the five minute Candlestick for cell points a sell point is basically when that five minute candle five minute pmo turns over on the five minute Candlestick I don't need to wait for a cell signal um if we end up moving into negative territory on the RSI before we get a pmo that's stopping doesn't happen often but if that happens that's enough for me to sell basically I'm just looking for an excuse to sell when I get to this chart so if I came to this chart I realized I'd miss the best sell point but still we're at a sell point with that pmo still in Decline RSI holding positive here I wouldn't be looking at this as a buy at this point I it doesn't look that bad but we know there's too much background information here there's the backdrop is um really not working in corvo's favor right now Jets all right we did look at Airlines and they are looking like a winner that's going to keep on winning here but the pmo is very overbought I think Airlines still might have some more upside for them but the unfortunate part is we've missed most of that rally so they are very overbought I mean look at that RSI typically you can hold overbought conditions like we did here but once you get overbought the next level is usually to move downward so I like Airlines they are moving higher but I think it's a little late to get involved in them certainly um hold I don't see any reason why I wouldn't hold this har i j r small caps really started to show some strength last week and that was very interesting to me because when we looked at that Silver Cross index for the Spy like I said it's in the high 60s and it told me that the broad Market was starting to participate but we needed more participation ijr is starting to make a move upward and that 50-day EMA getting ready to cross above the 200-day EMA I just think those headwinds of a pullback possible correction I know we keep talking about this now and I hate being so bearish but there are a lot of things out there that are telling us that this pullback might become a little bit more um you're getting ready to hit this overhead resistance for ijr I think you know looking at the overbought pmo I would be really careful here small caps are going to likely follow the large caps downward it's really all hinging now on those Mega caps and those tech stocks and we're seeing the decline there we I mean I hadn't seen that semiconductor chart in a while and seeing that Silver Cross index so high and seeing the participation of stocks above their 20-day EMA slashed it just tells me that this is not where I want to be in this market and I will be definitely reevaluating my positions moving into this downtrend but I was really starting to get kind of bullish here on the market because we didn't have overbought conditions on that Silver Cross index but now we're starting to see some pullback here in those major like I said in those big texts and that's going to pose a problem here but still flat tops Rising bottoms um pmo is turned back up I think you could hold here but again I think that the winds are going to start working against the small caps and mid caps and we're going to start to see them fall as well it'll be interesting to see what happens at overhead resistance definitely would want to see a break out there if I wanted to continue to hold ijr bkng DraftKings making another big move to the upside this is a prior diamond in the rough from our DP diamonds report pmo on a crossover Buy Signal we know consumer discretionary still has some very good participation I like the out performance going on here for DraftKings big move over six percent might be a little difficult to get in let's see what we've got here all right more than likely this is going to be around our Best Buy point today the pmo had a sell signal it's moving downward but we're seeing no breakdown in price at this point so I would expect that the pmo is going to eventually turn up here and we're just going to be making more highs for the day so I think that at this point you could wait it out since the pmo is still in Decline but I have a feeling that you're not going to get a much better buy point on DraftKings today uh caterpillar all right okay flat tops Rising bottoms here another look at an ascending bullish ascending triangle looks like it's getting ready to test that overhead resistance pmo I would be worried about really because it had flattened out but we're getting a surge above the signal line and stochastics have turned up and look at the out performance going on here commercial vehicles that was an area in Industrials that I did like so I'm liking the way caterpillar looks here we go to the five minute buy Point appears to be coming in RSI as positive we don't have the crossover on that five minute pmo but it has flattened and if you look in that thumbnail you can see that it is rising again so I would say this is probably an aggressive buy point right now um conservative buy point of course being if we get that five minute pmo to give us a crossover okay I have a a comment here about the NASDAQ rebalance comment uh apparently the NASDAQ has announced a special rebalance I haven't read anything about that but so I can't comment on that it sounds sounds a bit strange and I don't I'm not doubting the comments here but I was just saying I can't figure out what that is and I'll just have to wrap it up later on today all right and l-u-g-d-f I'm sorry that's l-u-n-t-o all right metal lines so miners um this is just a minor not a a gold miner metal lines I'm not sure if that's considered minors or if it's um it must be um this little turn here gold miners are really set up for a reversal here but the problem is we don't have the participation to support a reversal just yet uh flat tops mostly Rising bottoms again so it does favor a breakout coming up pmo on a Buy Signal stochastics Rising I mean this looks like the kind of stock I would want to get involved in five minute candle pmo is turning up so this looks like a pretty good buy Point looks like we're going to get a breakout here coming in so this would be an aggressive buy Point again the conservative buy Point waiting for the crossover on that pmo because certainly we we can see it it will fail at times and that would have gotten you involved kind of the wrong time but if we'd waited for the crossover here that would have gotten you in back here so that's a better buy point but this is an aggressive buy point doesn't look too bad okay another comment the rebalance for the NASDAQ is supposedly going to take place July 24th we shall see again I will look that up later today yeah we'll have to see what uh how that affects it but you know when we look at the golden and silver cross you know might as well switch over there we look at it for the um let's go over here look at the NASDAQ you know we already know just participation wise in breadth this is not taking into account cap waiting when we look at a silver cross or a golden cross and the Silver Cross is starting to decline um Golden Cross looks pretty good on the rise but looking at the participation under the surface here it's not going to have an opportunity to rise much more than 37 percent that's you know maybe two percentage points here from 35. so we know regardless of the rebalance there's still problems under the surface it's not gonna you know these aren't cap weighted and it's already showing weakness so I don't know I mean the rebalance is probably interesting and and might have some effect on the price movement itself but the participation isn't going to change okay there's a question that the financials are good is the or the markets good that's the way I interpret that yes you want to look at financials just uh yeah we'll pop back into financials here I I don't I don't think that's broadly speaking I don't think that's necessarily the case I'd say if um the financials is good it's yeah there's probably a good chance that the rest of the Market's going to be okay too but um uh what do we look at here so on financials like I said I mean I like the look of it part of the thing with financials in my opinion is you know they were beat down so far and so hard and there are those you know stocks on you know discount prices there and I think that people are still interested in if they're gonna get in they want to get into something with a nice reversal some upside potential and that could be pushing some of these Financial stocks higher and that could certainly affect the market we want the financial sector to do well but certainly we've seen the s p fall and certain sectors do well in in spite of that so that could be the case here we might find financials doing well in spite of the fact that the rest of the market kind of shows weakness and moves down uh okay is BR a buy well let's see this is in industrial business support services which I do recall um not looking too bad um pmo looks like it's surging above the signal line I can't really tell if it's rising just yet uh but nice Rising Trend staying here and pull back and now it looks like it's getting ready to make a move to the um higher certainly outperforming the s p stochastics turning up I could see this one as a buy the pmo is just a little concerning because it is near-term overbought you can see right here this is kind of that level where it fails um RSI is not quite overbought yet previously when we get over bought on this one let me get a crosshairs going on here so you can see RSI got overbought decline RSI got overbought decline we're overbought again we were over by here in Decline this looks like a little pop we're gonna probably see a little bit more rally but I would guess we're going to be in for another little decline so we're going to just do this sort of back and forth but um melting up at the same time so I do like the stock and whether it's a buy right now you are on the crossover buy and you do have the positive RSI so anywhere in here could be considered a buy point and it's really not any different really from where we were earlier to where we are now so I'd say it's at a buy point right now if this is something that you're interested in uh Exxon Mobil looks a lot like crude oil doesn't it a sideways movement yeah it makes sense right right yeah you know if unless we get people's not meddling in the energy area you know it's it's going to be depressed until that ends so I'd be looking for something like that to happen but yeah at this point we're just not seeing it very mostly sideways movement um [ __ ] turning up on today's big rally I just see Moore's uh trading range for EXO and I don't know that this is a necessarily a cell at this point I think you are going to look for a move probably up again um to test the overhead resistance here I mean energy as a sector things are improving so it does look a little bit better that way lthm okay lithium okay um lithium looking pretty good honestly a nice Rising Trend going on positive RSI stochastics positive turning up um relative strength this has been line with the the market we do want to start seeing it to outperform the market just because the Market's looking a little weak right now but I'd say lithium looking pretty good here again let me get the that's are you sure that name it's l it looks like a live event yes thank you live in Specialty Chemicals not uh quite the same as lithium there um I do like it it's getting ready to break out once again looks like it's breaking out again um pmo flat really not telling us a whole lot here but that's a function of the fact that acceleration has really been so steady through this Rising Trend and it does look like the rising trend is going to continue okay uh iwm I think that's uh this will be our last one all right live in just a real quick peek I'm not at a buy point I think you're going to get a better one given this declining Trend um keep an eye on that for your buy points iwm we did look at ijr like I said small caps last week on Friday in particular nice bounce off this key moving average uh pmo has turned up on the big move to the upside um stochastics turning up RSI positive I mean I think it looks good but again we know the Silver Cross index four small caps and we're just going to look at that chart one more time here the Silver Cross for small caps is topped and it's just above the 58 percent and it's going to probably continue lower because you can see that the participation is not really there so I think it's a little early here to get on board with small caps particularly given the the in the large caps are looking weak right now here we have a minute to go all right well um we were going to be on making money with Charles Payne today but that unfortunately did get canceled so we will have to keep you informed keeps getting shuffled around um but eventually we're gonna get there I am sure so we'll keep you informed of that do come check out our website at decisionpoint.com if you are interested in trying us out for two weeks just use the coupon code DP trial with the number two give you free two free weeks of the reports and you can see how much that they can help you with your trading all right with that I'm going to wish you good luck and good Trading thank you
2023-07-16 13:24
