BROAD STOCK MARKET TRADE ALERT (2:30 pm EDT)
I am going to advise anyone still holding long positions tied to the DOW index to sell them now. Yesterday I suggested traders also get out of any long positions connected to the NASDAQ and S&P 500, so all traders should be out of the broad stock market right now. We got long on 4/27/23, so DOW traders should be able to get out now with little or no loss. (Those that were in the S&P 500, and especially those trading the NASDAQ, have made some profit.)
We are near the end of a very strong reversal zone (which I may extend into the middle of next week) and both the NASDAQ and S&P 500 are making new weekly and monthly highs while the DOW remains below its high from last week. This gives us a strong bearish divergence signal inside this reversal zone, so it is best for us to be on the sidelines now.
I am going to advise anyone still holding long positions tied to the DOW index to sell them now. Yesterday I suggested traders also get out of any long positions connected to the NASDAQ and S&P 500, so all traders should be out of the broad stock market right now. We got long on 4/27/23, so DOW traders should be able to get out now with little or no loss. (Those that were in the S&P 500, and especially those trading the NASDAQ, have made some profit.)
We are near the end of a very strong reversal zone (which I may extend into the middle of next week) and both the NASDAQ and S&P 500 are making new weekly and monthly highs while the DOW remains below its high from last week. This gives us a strong bearish divergence signal inside this reversal zone, so it is best for us to be on the sidelines now.
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