Market Recap for Wednesday, March 15, 2023
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SwingTradeBot about 1 year ago
What are your thoughts on 'today's (2023-03-15) market action?
T
TraderMike about 1 year 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.
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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