Market Update 2/23/22 "Stocks Rise in the Spring"

 Quoting myself: "Stocks Rise in the Spring" 

In the past I've also referred to this phenomenon as the great "Dash for Trash", which typically happens in the Spring.  

And I'm sure you've all heard the old term, "Sell In May and Go Away", and this refers to profit taking, after a big Q1 rally. Market's are cyclical. 

Now to the charts: 

I started out charting, or wanting to chart, tech, or the NASDAQ, after hearing Bloomberg report that tech has corrected 10%. Look, this is the same bottom of the range we've been trading in for months! Anyone with a chart can see that! 

One exception would be $SOX (Semiconductors), which managed to make a slightly lower low. $SOX leads Tech, so if $SOX leads the market higher, then tech is coming along for the ride; that's a no-brainer.  

$SOX - Bullish candlestick, at support. Also Note where this market was jacked above the 200 day ma? That's one reason I turned bearish... 

 

As I blogged yesterday; fake news aside, nothing has changed. 

NASDAQ - Could easily make a new all time high in a broadening top pattern. 

Tech - probably going back to the top of the range. 

$XLK parallel channel 

Oops wrong chart. This one! Looking for a nice little (early) spring rally in #technology #Stocks pic.twitter.com/o1lNC49RHN

— Veteran Market Timer (@3Xtraders) February 22, 2022

From there we could see stocks hold up into the summer, only because volume is typically light during this time, and it takes time, a lot of time, to form a top. Also, assuming this is going to look like a wave 5 of 5, then that means it's not going to be as explosive as wave 3 was, and momentum is likely going to slow to a crawl. There is simply no possible way this wave can complete before the 4th of July. 

Oil 

$USO - Bid raised at yesterday's open. 

$USO  (WTI Crude ETF):  - was obviously rigged higher on yesterday's fake news; see where the price was "jacked", above resistance.

Looks like someone decided to come in and manipulate #oil, this morning $USU. I bet Jim Cramer knows... pic.twitter.com/659G7H9Dfz

— Veteran Market Timer (@3Xtraders) February 22, 2022

They do this all the time. Take out res., or break support... in pre-market trading. Even Cramer knows this is how markets are rigged. Yesterday, It managed to retest the high, but that's about it. Listening to the lame stream media, you would think the oil bulls were winning, but after all the talk of $100 oil, the bulls did not get paid on their $100 March contract bets, and I believe oil needs to correct ahead of the next Fed meeting. If Oil corrects, then the Fed can justify putting off a rate hike, or at least doing anything drastic. 

$USO - I like it at the 50 day moving average, at 58.69 support.  

$RSX Russia ETF was taken down below the 200 day moving average... More evidence of the continual market manipulation by the geniuses at government sachs. 

 Good Luck, AA 

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