Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

Why This Rollover Is So Important

by October 7, 2022
October 7, 2022
Why This Rollover Is So Important

Monday started with a bounce. We were off to the races. After closing on the lows on Friday, we quickly bounced higher. It feels so good when the market rips to the upside. Thursday saw the market work lower and Friday took the wind out of the sails again.

If we make this into a line chart, we have some clear levels that are important. They become more obvious when we open up the chart to include the June low. 371 was a support level in late June that we held above. As we came down and tested the prior low, the market spent a week trying to go lower and was working hard as it flipped back and forth. This week, we surged back above the 371 level but could not hold it. Friday is closing near the June low again. Now it looks more likely that we will need to test a lower level for the market to find buyers.

The fact that it took a week to hold those lows, and the rally couldn’t hold for a few days, doesn’t bode well for price action next week either.

As we expand out to the weekly chart, a few things are becoming more apparent. The black line is where the market topped out before Covid, and now that level looks more likely to be tested.

I have drawn two lines on the PPO. One is a shorter term trend line from the March highs. The longer trend line goes back to May of 2021. That trend line is still a larger force, that is not being tested at all. The price action this week started to look like we could turn the PPO up here and at least break the short term down trend in October.

Friday’s price action makes the breaking of that short term trend line less likely in the near future. As long as the trend in momentum remains down, it is very difficult to be expecting the market to go higher. These sudden spurts that roll over quickly weaken the trend in both directions but the bottom line is we are trending down in price and momentum on all time frames.

Lots of seasonality charts talk about October to be a good month to expect a bottom. But the volatile price action at these lows makes it very difficult to have and to hold many positions in either directions. There are better times to be invested and the price action this week confirms that.

0
FacebookTwitterGoogle +Pinterest
previous post
LIVE STREAM VIDEO: Steve Bannon, Mike Lindell, David Clements and More at CC4NM – This Friday in Ruidoso, New Mexico – Details Below…
next post
COT Report Data Work Backwards in Bitcoin

You may also like

The Best Five Sectors, #8

February 24, 2025

More from Mish’s Outlook 2024 — 17 Predictions

December 26, 2023

Stock Market Today: How to Scan for Post-Election...

November 5, 2024

3 Signs Tesla Stock Was Breaking Down: Did...

April 22, 2023

The Ord Oracle November 29, 2022

November 30, 2022

Three Signs Employment is Going to Take a...

March 3, 2023

MEM TV: Is it Time to Buy Bank...

March 25, 2023

Top Ten Charts to Watch for October 2024

September 27, 2024

How Market Breadth Indicators Can Lead You Out...

October 4, 2023

Mixed Signals on the Charts? RRG Reveals Market...

May 27, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025
    • From Tariffs to Tech: Where Smart Money’s Moving Right Now

      June 6, 2025
    • Your Weekly Stock Market Snapshot: What It Means for Your Investments

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,556)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved