Market analysis- 10Sep2022: Market closes in strength???

Market analysis 10Sep2022

Today market is closing well, not superb but well. As usual, I will start with SPY

SPY: The market crawls back quickly above $400 support/resistance, which the volume is looking good. The volume at the green bar is comparable with the red bar.Look on the 2nd chart, where it was in May-June period, the green bars were significantly lower than the red bars, which the market then sold off even lower thereafter.

In addition, today a gap up happened, mean people buy in strength. This observation suggests 2 things:

i) The previous institute sold off after the Jackon hole event is/almost over.

ii) people buy in strength again (see the gap up)

The volume is not strong enough to show a strong upward movement is coming, but at least the footing or base forming is there. At least, the market has digested the hawkish speech during the jackson hole event.

Note that weekly chart will show a lower volume this week as there was no market on Monday.

Summary for SPY:

i) Gap up observed- strength

ii) Volume on the green bar comparable with the red bars- footing or base forming to prevent further sold off

iii) Bullish engulfment pattern formed- a bullish pattern

AAPL

Bought APPLE after the market closed. Why? Because i slept at 8 pm and woke up at 4.30 am😂 If you want to know how to buy after market, just change your order to EXT will do.

We can see that APPL is also closing back to weekly 30 again. And from the previous market movement, APPL is one of the strongest tech stocks, a lot stronger than my favourite MSFT and GOOGL.

As i also would like to bet on next week data, so I just enter some positions.

Note that the MA30 is still not sloping up.

Lastly, it is time to look for the stocks that showing up-trend and beating the market these few weeks!