Market Recap for Wednesday, March 15, 2023


SwingTradeBot 17 days ago

What are your thoughts on 'today's (2023-03-15) market action?

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TraderMike 17 days ago

Once again there's a ton of weakness outside of the NASDAQ-100 (QQQ).  You know things are bad for the bulls when "Lower Bollinger Band Walk" is the top signal for the day.   Also, the % of Stocks Above Their 50-Day Moving Averages made another new low for the year and sits at 22.5%.  20% & below is when the market is under extreme selling pressure. 

On the other hand, we had a lot of Hammer candlesticks made today.  That shows that buyers stepped in to buy weakness intraday.  A Combo Scan with hammers + lower BB walks shows some interesting charts.

So there are a lot of mixed signals out there & I don't see much that tempts me ahead of next week's Federal Reserve meeting.  I'm just in the mode of building & pruning watchlists for now.

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EmbarrassedTrout424 17 days ago

Thanks for the insights and the Combo Scan.

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