Market analysis (27Nov2022)- The index that showing strength is HERE!

Now, let us look on the general market analysis.

S&P500-Weekly chart

Down-trend is still prevailing. Lower low and lower high.

MA30 is sloping down. Although the price is closing above the MA30, but the current key level is $430, or at least consolidating above MA30 so the base can be formed.

If we look on the volume, the sold off still brought higher volume, and the recent price increases do not really show significant volume.

Next, my favourite technology etf: QQQ.

Technology is still the weakest among three major index. It is apparently that the prices are still below MA30, and it is still clearly sloping down! I will skip technology stocks at this moment.

Last, Dow Jones 30.

The chart is a lot stronger.

1st: The MA30 is clearly flatten.

2nd: The price is far above MA30.

3rd: The chart is currently challenging the previous swing high.

So which sector of dow jone 30 components are showing strength? I will do it in sector analysis later. There is one sector, which is already clearly showing strength, and it is already in my buying list.

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