Deep-Dive Into Charts…

Hey Market Pilot,

The indexes continue to be weak, and I thought we might be getting to a point where markets were looking oversold. The kind of oversold that anything viewed as positive news might set off a short-covering rally. So far that hasn’t happened, but I am on guard about it just in case.

Meanwhile, the majority of tickers have continued to sink lower and simply can’t find buyers to step into the mix.

Here are a few winners to the short side we have had, and some other notable names that can’t pick themselves up off the floor: 

Signet Jewelers (SIG, pictured below) was a nice short as it flagged right into the down-trending daily 50 simple moving average (SMA) with the Moxie Indicator™ below zero.

Big 5 Sporting Goods (BGFV, pictured below) also had a similar move as it ran into resistance at a down-trending daily 50 SMA with Moxie Indicator well below zero.

Scientific Games (SGMS, pictured below) has been chopping wildly around earnings, but the overall picture looks like it wants to resolve lower, so better keep an eye on it.

GameStop (GME, pictured below) is flagging right into the underside of a down-trending daily 50 SMA. With the Moxie Indicator™ well below zero, we should see this name continue south at the current resistance.

Plby Group (PLBY, pictured below) didn’t budge for earnings, and it still doesn’t look like it’s ready to do anything but sink after catching its breath with the bear flag.

It is still a heavy market and there isn’t much news right now that could possibly lift the market’s spirits. Of course, that can change at a moment’s notice if something unknown happens with interest rates or the Russia-Ukraine conflict. Keep your eyes open!

Your Profit Pilot, TG


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