Michele Schneider | Feb 07, 2023 12:18AM ET
What if the trading range top at 4200 we have been calling for in the S&P 500 turns out as—the top?
Certainly, we can make a case for it given higher yields, a strong dollar, geopolitical stress, debt issues, government spending, and no real proof we have beaten the battle of inflation.
The table called Complete: Bear Reversal shows you a list of trades using some of our proprietary software.
This list of stocks was updated after the close.
The list ranges from stocks well underperforming to stocks that are near but could not clear 52-week highs.
We show you 3 indicators. We walk you through 1 trade on the list.
Stryker Corp (NYSE:SYK) is in a bullish phase on both the daily and weekly charts. Since Friday, the stock had a brick pattern confirmed by Monday’s action.
After a new 60+ day high, the week began by giving the bulls an opportunity to take some profit. It also allowed day traders to sell under the lows of Friday and make money.
Note that the Real Motion indicator shows the beginnings of a mean reversion. The red squares just crossed under the dotted line or Bollinger Band.
Moreover, if that stock has topped out, traders have a risk above the 60+ day high to possibly see a move closer to $250.
h2 ETF Summary/h2
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