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7/7/2024 Markets were mostly higher for the week, but the weaker Small Caps (IWM) were lower. The Big 7 Stocks surged up an average 7 %, as those seem to be holding up the Markets. Bonds rose on weaker Economy news.
The Leading AI / Semi Stocks have stalled out for a while. These need to make higher highs soon for this rally to continue. The S&P 500 Weekly chart looks like the Wave III up rally from the Oct low is about over, then a Wave IV correction down (5 Waves total).
Be cautious Buying now, as the Big 7 and Leaders are very over bought from FOMO (Fear of Missing Out).
If you continue to Follow the Green Line System, your Money should flow into the Strongest areas and your Account value should be able to grow in both Bull and Bear Markets. Follow the MONEY, not the MEDIA.
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For the week the Dow was up 0.66%, the S&P 500 was up 1.91% and the NASDAQ 100 was up 3.56%. Many of the major Indices still have a Relative Strength below 80, so you should currently own the stronger Funds here.
The Inflation Index (CRB) was down 0.11% for the week and is Above the Green Line, indicating Economic Expansion.
Bonds were up 1.17% for the week, and are Below the Green Line, indicating Economic Expansion.
The US DOLLAR was down 0.90% for the week and is Above the Green Line.
Crude Oil was up 1.99% for the week at $83.16 and GOLD was up 2.48% at $2397.70.
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DAY TRADERS: We are doing many profitable Day Trades on our Discord Trading Hub (free). Please join Discord or X (Twitter) with your cell phone app for the fastest Trade Alerts and Daily email notifications during the day. Other methods of notification have been too slow. Also, please check our our Live Trading Room on YouTube during Market hours.
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SWING TRADE BUYS SOON:
We are now in 5 Three Star logged Swing Trading Positions for the Short & Medium Term. There 1s only 1 investment on the Short Term Watch List.
Be patient and WAIT for Green Zone Buy Signals!
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LONG TERM WATCH LIST
ATGL Long Term Weekly Watchlist- Click here for scrolling charts.
TRADES THIS WEEK:
CATX PERSPECTIVE THERA. Jul 5 Bought on Weekly Money Wave Close > 20. Target $17.
IGV SOFTWARE FUND Jul 5 Target was Hit at $88 for an 8.8 % Gain.
NTNX NUTANIX INC. Jul 5 Bought on Weekly Money Wave Close > 20. Target $70.
PLTR PALANTIR TECH Jul 5 Target was Hit at $26.75 for an 18.8 % Gain.
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Alert! Market Risk is Medium (YELLOW). The probability of successful Short Term Trades is better, when the % of stocks above the 50-day avg. is below 20.
Tell your Friends about the Green Line, and Help Animals.
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QUESTION: Nancy writes “I would like to know where the Relative Strength factor is located on the charts.”
ANSWER: Hi Nancy, the Relative Strength is usually on the bottom left of each Chart with a Red Box around it (SCTR is StockCharts Technical Rank). Sometimes we use data from:
Relative Strength Values comes from the SCTR Rank (StockCharts Technical Rank), www.etfscreen.com for ETFs , and Investor’s Business Daily (IBD) for stocks. We prefer the longer term weighting used by www.etfscreen.com and IBD.
Good trading, and tell your friends!