TTG Index Charts & Out of the Box Stock Screen 5/31/23
Out of the Box MarketWebs Screen
Index Updates
At TTG, I use Volume At Price in my chart analysis and I use the MarketWebs Indicator to provide Value Areas which indicate significant support & resistance levels. Learn More Here about Volume At Price and the MarketWebs.
$ES_F - S&P futures - Daily chart: Price a bit weak this morning, but remains above the May Value Area, support 4173.5 and reminder that today is the last day of the month & we will have a new June Value Area for tomorrow.
US Dollar +0.2% / 30yr Bonds +0.5% / Crude -3.3% & Nat Gas -1.5% Copper -0.7% / Cryptos are lower BTC -3%
1hr chart: Price drifting into its value area for the week which has triggered the 80% bearish rule , watch 4203 for the bearish 80% rule to be reversed and the 200 period MA which could provide some short term support.
QQQ - NDX - Daily Chart: Price down -0.45% so far this morning and coming off overbought levels (RSI did get to a 77) & I wouldn’t be surprised if price checks back to that VPOC (red line)
1hr chart: Price starting to break down a bit (I have a new trendline drawn to watch and if price breaks that, price could see a decent move lower to the next area of support which is $340.61
IWM- Russell Small Cap ETF- Daily Chart: Price continues to underperform here and support to watch is $174.32
1hr chart: Price remains inside its Value Area for the week
A quick observation on the Equity Put / Call Ratio
- this can often be used as a short term contrarian indicator
- the ratio fell to a 0.51 which is a low reading (very little put activity in relation to call activity) and could be a sense of complacency in the market which can mean the market is overbought in short term.
Here is today’s TTG Proprietary Stock Screen “Out of the Box” using Volume At Price
Remember, I am only showing a few setups from the list here and review more in the TTG Trading Room. I provide a more detailed watchlist every weekend to start the week at TTG.
Charts
RDN Weekly & Daily chart
Radian Group Inc. provides financial guarantee insurance. The Company's products and services enable homebuyers to purchase homes more quickly and with smaller down payments, protect lenders against loan default, and lower the costs of mortgage origination and servicing. Radian also provides insurance and reinsurance to investors in corporate, municipal, and asset-backed securities.(Bloomberg)
-suggested stop price $22 using the TTG MarketWebs
-note this stock is overbought and while i like the breakout, I would prefer some weakness to get involved in name as long as stays above breakout area
Remember, this is just one type of screen / setup that I focus on in my analysis!
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