This week’s stock watchlist contains 39 top stocks, the same quantity as last week. Select from this list of best stocks when bullish stock signals are generated and displayed on this site.
Confirmation of a -1.4% move in 1st quarter GDP caused equity selling late in the week. What now?
As was suspected for the last few months, a 1.4% shrinkage of the US GDP announcement caused serious equity selling on Friday.
In addition to a reduction in GDP, many earnings announcements – even good ones – were mostly tainted negatively by horrible earnings guidance.
These economic conditions in addition to the Fed being 180% out of phase with inflation vs growth seem to indicate more pain to come – unless you are short the market in general!
The broad market had been perched on a critical support level that extended back to the early part of the year but has broken that support with almost double the 50-period average volume on both the weekly and daily charts.
That is a serious move down and creates a new 52-week low for the broad market.
New lows frequently lead to new lows in the same fashion that new highs frequently lead to new highs.
Even more concerning is that the next clear support level is approximately 7 to 8% lower.
Certainly, the market is technically oversold so a bounce in a bear market might be expected.
However, serious technical damage has been done and will need to be repaired before a reliable bullish trend can emerge.
Keep an eye on these critical levels to be able to detect when a stronger market has a chance of developing.
Watch this video to be aware of evidence to indicate which price direction is more likely in the future.
However, no matter what the market is doing it is important to stay in touch with the leading stocks for profitable swing trading opportunities.
Every week the updated and published stock watchlist contains stocks screened for strict fundamental and technical screening filters including:
- Superb Fundamentals
- Exceptional Earnings
- Increasing Earnings Projections
- Bullish Chart Patterns
- Sales Growth Above 10%/year
- Market Capitalization Above $1B
- Average Daily Trading Volume Above 250,000 Shares
These criteria find the best opportunities in investable stocks combined with superior resistance to broader market declines.
Click here to view fresh stock signals from this stock watchlist and stock signals from the broader market.
File downloads are available here:
- Open an Excel Spreadsheet of this week’s Top Stocks
- Download a PDF file of this week’s Top Stocks
Before entering new positions it helps to know about market action. You can view weekly market timing videos here: https://profitableswingtrading.com
Here is a preview of the top 20 or so stocks, view the entire list from the above links:
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