Trading Plan: 6 September 2022
Nasdaq (-1.31%) tried to reverse, but the (short) sellers anticipated an inflection point around the SMA50 and succeded to turn the price back down. We are still in a support area and in an oversold position, so we might see some buyers coming in. Watching the main averages and the support area.
SP-500 (-1.07%) made a similar move. Do not forget the price is under all main averages and generally, there is no magic here. Watching the marked support and the main averages for now.
In the news
U.S. Stock Futures Rise After Selloff
Meta Acquires Berlin Startup to Boost Virtual-Reality Ambitions
Volkswagen to List Porsche in One of Biggest IPOs in Years
Natural gas prices slide amid Gazprom and Siemens Energy clash over Nord Stream 1 maintenance
Sectors
Best yesterday sector: Energy, then Basic Materials. Worst sector: Communication Services.
Best weekly sector: Utilities, then Consumer Defensive. Worst sector: Basic Materials.
Best monthly sector: Energy, then Utilities. Worst sector: Technology.
Sentiment
NAAIM (weekly, neutral between 70 and 90): 32.36
VIX (neutral under 20): 25.47
Equity Put / Call Ratio (neutral between 0.7 and 1): 1.13
CNN Fear & Greed: 43 (Fear)
Breadth
Stocks above SMA40 (neutral between 30 and 80): 31.68%
Stocks above SMA200 (neutral above 30): 25.03%
Number of stocks that increased yesterday by more than 4%: 111
Number of stocks that decreased yesterday by more than 4%: 130
McClellan Oscillator (neutral between -100 and 100): -204.47
Earnings Reports
Noteworthy earnings reports for today:
This week earnings:
What to trade today
Market is still in an up-down mood so there is no need to buy things. Even if there are some interesting patterns, the odds for an uptrend are slim now.
Cash is king, do not rush things.
I do not plan to trade today.
Do your due diligence if or when placing a trade. All ideas stated here are my own and do not represent trading or investment advice.
In order to learn more about trading, you may want to read: