The “buy the dip” strategy fell apart last week with really only one up-day following the “dip”.
There is now sufficient market action to construct a downtrend line across the tops of the market action since the highs of late December.
Now the market has to accomplish several feats before a new uptrend can be established.
1) Prices need to close above the downtrend line
2) Prices need to close above the old uptrend line
3) 1 & 2 need to occur before a successful assault on the Nov/Dec highs will be successful.
Now, that doesn’t mean that a meaningful rally cannot occur until all 3 items are accomplished but in the short term the market looks vulnerable to more pullbacks.
Also, in this video is a review of the list of the top stocks and where you can download either a PDF file or Excel compatible file.
You can view the video here:
https://youtu.be/BwNAB0w6f5Q
I hope this helps, please like, share, and subscribe.
Comments are always welcome.
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