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August 21, 2022

Green Line Weekly Aug 21, 2022

USO Chart
Let’s see if Crude Oil (USO) will re-test the June Highs.

8/21/2022 Markets were lower for the week on mild profit taking. The Indices had rallied up for 4 straight weeks and were over-bought. Many Indices are back up Above the Green Lines, which is Bullish. But most stocks are currently too far above the Red Lines (50-day avgs.) so the Swing Traders have quit buying for a while.

We like to Buy on FEAR, but after a 17% rally on the S&P 500 Index, the FEAR is mostly gone. We have taken more profits this week (please see below).

If the Elliott Wave count is correct, we could see the Market stall or pull back towards the Red Line (50-day avg.) like it always does. This would be normal profit taking after a huge rally in 2 months. 

If you continue to Follow the Green Line System, your Money should flow into the Strongest areas and your account value should be able to grow in both Bull and Bear Markets. 

Completed Trades this week:     

BTU      PEABODY ENERGY      Target was Hit at $24 for a 19.6 % Gain.
LLY      ELI LILLY & CO.      Target Hit at $320 for a 5 % Gain.
XLP      CONSUMERS STAPLES FUND      Target was Hit at $76 for a 2.7 % Loss.
XOP      OIL & GAS SERVICES FUND      Target Hit at $145 for a 13.2 % Gain. (Long Term Portfolio).

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More action this week on the Day Trading Scrolling Charts.  

DAY TRADING CHARTS FOR INDICES & LARGE CAPS.

We have not had many intra-day Trade Alert signals lately as the Volume has been too Low with the Buy Signals. These low Volume Buy Signals tend to pop up and quickly fade back down. We like to see High Volume on rallies.

For the week the Dow was down 0.04%, the S&P 500 was down 1.16%, and the NASDAQ 100 down 2.28%.  Currently the major Stock Indices are now back Above the Green Lines but have lower Relative Strength (own stronger Investments here). 

The Inflation Index (CRB) was down 0.49% for the week and is Above the Green Line, indicating Economic Expansion.

Bonds were down 2.17% for the week, and are Below the Green Line, indicating Economic Expansion.

The US DOLLAR was up 2.45% for the week and is Way Above the Green Line. 

Crude Oil was down 1.79% for the week at $90.09 and GOLD was down 2.90%  at $1762.90. 

SEE SUPPLEMENTAL CHARTS

_____________________________________________________________________________________________

MONEY WAVE BUYS SOON:

We are in now in 7 logged Current Positions for the Short & Medium Term. There are 4 investments on the Short Term Watch List. 

Be patient and WAIT for Green Zone Buy Signals!

_________________________________________________________________________________________

LONG TERM INVESTMENTS:  (Hard to find many Long Term now because most normal  Investments no longer have 80 Relative Strength required.)

Long Term Scrolling Charts (Real Time)      

ABBV      ABBVIE INC.      Buy if it Closes above $145.44 with High Volume. 

DBC      COMMODITY FUND      Buy if it Closes above $26.32 with High Volume.      

GOGL      GOLDEN OCEAN GROUP    Buy if it Closes above $11.68 with High Volume.  

USO      US OIL FUND      Buy if it Closes above $76.97 with High Volume.

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My Trading Dashboard
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Updated Top 100 List Aug 1, 2022
Dividend Growth Portfolio  
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Alert! Market Risk is High (RED). The probability of successful Short Term Trades is better, when the % of stocks above the 50-day avg. is below 20. 

Tell your Friends about the Green Line, and Help Animals.

________________________________________________________________________________

QUESTION:  Jose M writes “Morning, I seem to have difficulties on finding the Money Wave chart on the ETFs. Thanks.”

ANSWER:  First go to MY TRADING DASH BOARD.  Then the Charts with the Money Waves can be pulled up by clicking on the Symbol of the Investment on the  Watch List  or Current Positions links in every Daily email.

The Money Wave is the Red and Green Zone on the bottom part of the Chart. Buy when the Money Wave has gone down into the Green Zone, and then turns up above 20. 

Posted By AbovetheGreenLine at 1:36 pm Leave a Comment Tagged With: premium

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SH Chart
Inverse S&P 500 Fund (SH) will have a Money Wave Buy today.

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