Market Recap for Thursday, March 30, 2023

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SwingTradeBot about 1 year ago

What are your thoughts on 'today's (2023-03-30) market action?

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TraderMike about 1 year ago

The market internals are continuing to slowly improve -- at least for the larger cap stocks.  The Russell 2000 (IWM) is still lagging behind as shown by the trend table and in the % of stocks above their 50 DMAs.  I'd like to see those smaller cap stocks start to act better in order to have more confidence in the market having a sustainable rise.

One thing that stands out today is that the "Top 5 Technical Signals for the Day" is dominated by range contraction signals.  Perhaps we're setting up for a big range expansion day/period.

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SwingScalp about 1 year ago

TraderMike, do you think this powerful bull rally will continue into next week and through April?  Seems to me many bulls are way out over their skis and I'm looking for short setups more than long setups.  Interested in your take.  Thanks.

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TraderMike about 1 year ago

I honestly have no idea & definitely don't try to predict, especially multiple weeks out.  Given that all the indices except the Russell 2000 are back above their key MAs, I have to be biased to the long side.  My opinion could change in a flash if the indices start giving up those MAs, which are very close by.  The Nasdaq is certainly short-term overbought & I could see tech resting / pulling back in the short term.  

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