Stock Market Technical Indicators & Analysis
According to MarketSmith, MLI has comp=98, EPS=99 and RS=97. For a stock to trade at an ATH in such a weak market it is showing incredible relative strength. MLI reported good earnings today. See daily, weekly and monthly charts. Must not close below green line (63.07). Not a rec, for educational purposes only. Most break-outs fail in a weak market. See my recent talk on Day 3 of the TraderLion conference for a discussion of my GLB indicator. I presented after the wonderful John Boik.
CEIX came up on one of my scans again. MarketSmith says earnings expected to be up +698% in 2022 and another 155% in 2023. Coal is king!, for now. See daily and monthly charts. Note recent GLB.
The place where QQQ has found support is at its trend channel line (red line). If this rally fails that is the likely next support which coincidentally is near where the last GLB in 2020 occurred. On the other hand, the place where this rally may stall out is at its 30 week moving average (red line curving down). We will just have to wait to see the outcome and be very nimble. I am slowly buying TQQQ to ride this short term up-trend. If it stalls I will exit immediately. QQQ is still in a stage 4 down-trend.
