Technical Analysis of Stock Market | Bull-oney!


Technical Analysis of Stock Market


In this technical analysis of the stock market video I focus on the Dow Jones Industrial Average (INDU) and the Russell 2000 ETF (IWM). But first I address the the concept that a lot of folks are calling this a new bull market just because the SPX has risen 20% off its lows.
Then we drill down and review the Elliott Wave picture for INDU and for IWM. There has been a little bit of frenzy recently with IWM.
Lastly I review Chevron (CVX) and Schlumberger (SLB). Both look interesting.


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  1. Im probably worse at elliott than you are, BUT thats the most obvious bullish (1)-(2); 1-2 in the Dow i have ever seen. No idea how you dont count it like that.

  2. You are very good but I don’t remember when was the last time I heard you say something positive about the market.
    Yes off course market eventually is going to go down, but how about missing out on a decent rally?

  3. Most hated rally simply because people missed out probably because of watching too many pessimistic videos on YouTube. There is still 2 trillion dllrs on the sidelines and people are getting FOMO. These markets will continue to go higher from here.

  4. Joe what about the time. I have been following you and few other here on youtube for a while and what all of you get wrong is the Duration. Those rallies in past bear did not take this long. This time we are slow grinding higher and the sentiment i feel is persistently negative. I do see a small pull back here but after that we could see lot broader rally. Also the money is moving in name where the growth is.

  5. Thanks again for the wonderful perspective and analysis. And I couldn't agree more about the "new bull market" bologna! We've seen this movie too many times to believe this. Way too many macro indicators and circumstances don't align with this, not the least of which is monetary policy. What new investors likely wont comprehend for awhile is that; we've had a dozen years of a FED induced bubble environment which inflated all risk assets from homes to equities to crypto…ecc…. That party has ended in a big way with rates now at 22 year highs and liquidity being withdrawn from the system…on top of that, much of our market advance in the 2010-2020 decade was based on China's monster double digit growth… that party is also over….Conditions now favor a decade or so of dead money(or losing money) in which we re-rate valuations back to the mean historic trendline… and just look at how far below that is from current levels, to know where we're likely headed… People get suckered into these hypes and recreate bubble after bubble, but i'd caution everyone that these are sharks who will bid these up and put the rug so fast on retail traders, it will make your head spin…market conditions are no longer supportive of this type of crazy speculation, and while its a great traders market to be sure, keep your stops tight, because the rug pull on this AI hype in a rising rate, liquidity drained market, will be EPIC!

  6. If we go over 4450 then bear structure will be broken and 5200 will b imminent. Fingers crossed that that isn't the case….. Pray for us bears

  7. Oscar Carboni made a good video on how bottoms are made. Google "Oscar Carboni Says This Is How Stock Market Bottoms Are Born! 02/07/23 Video 2529". He has a good record and was of the opinion we are going up. Compared to the 1930s we are in an environment of massive money printing, so a market could go up in a down environment, a melt up.

  8. Thanks for video Joe. Provided the the inflation figs next week are not worst than expected, then we should get that final blow off top to complete this counter trend rally. Fed will likely provide us with a hawkish skip on Wednesday, but I think stocks soar off the back of it. Thursday or Friday short the crap out of it.

  9. Agree with you. Not seeing much upside for the Dow with all the concerns around us! Looks pretty weak to the upside. Cant make a move above 34k

  10. I regret not buying when it was so low a few months ago, but now I am getting worried because everybody is bullish and foaming in their mouths

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