MY JOURNAL FOR FRIDAY – NOVEMBER 11, 2022
NEWS, BREAKOUTS, MOMENTUM PLAYS & BOTTOMS
The Canadian Technician
Markets Continue Bullish Ascent
Greg Schnell | November 11, 2022 at 03:15 PM
With Thursday’s breakout, many charts around the world broke out. If it is a bear market rally, it’s a very convincing one. I saw a nice list from Charles Schwab that shows how many of these super surge days there have been and if they were in a bull or bear market.
From Charles Schwab:
The move was dramatic, squeezing short sellers in a big way which is also why the thrust up was extraordinary. I went back to look at the chart for the ones that occurred in 2008 and 2009. Interestingly, there were some that looked bigger, than March 9 or March 23, like the November low. I find it interesting that the March 2009 rallies were not in a bear market? Maybe with hindsight, you can say that was the start of the bull market? Anyway, the table makes a nice list of days to reference.
For me, it was a great rally as we change from bear to bull. The Dow was already above the 200 DMA, but the Nasdaq was not.
I got whipsawed Thursday as I started to see gains evaporating into Wednesday and sold my portfolio as the market struggled. Missed a nice upside day, but there is always another train at the station. I guess that is the price of playing defence in a bear market.
I like the price action I’m seeing here and I’ll have a complete review for members on the weekend. If you are interested in why this week marked a major change in the markets, you can try a $7 subscription for a month and see if the PLUMB system works for you.
Welcome to Osprey Strategic
Nearly a Decade of Experience in the Financial Markets
Greg Schnell, CMT, MFTA, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and recent winner of the CSTA’s Technical Analyst of the Year. He is an active member of both the CMT Association and the International Federation of Technical Analysts.
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