Market Recap for Tuesday, May 16, 2023


SwingTradeBot about 1 year ago

What are your thoughts on 'today's (2023-05-16) market action?

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TraderMike about 1 year ago

I don't want to read too much into today's action because the market has been so choppy lately.  However, it is striking to me just how much red (bearish signals) is on the recap today.  

The "Unusually Active Signals for the Day" section is dominated by stocks breaking down under key moving averages.  The Russell 2000 is still sucking wind and the Dow joined it under its 50-day moving average today.  

The NASDAQ 100 continues to drift higher (although it did trigger a stochastic sell signal today) while SPY has essentially been stuck going sideways for the last 6 weeks.  A pretty blah market at the moment.

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