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VoSI Focus List Review for the Week Ended December 17, 2021

The market ended a very eventful weak in a continued correction. A follow-through day on Wednesday after the Fed policy announcement failed immediately on Thursday as the NASDAQ Composite reversed back below its 50-day moving average in bearish fashion.
The S&P 500 Index simultaneously ran into resistance along its prior highs along the 4700 level and reversed hard on Thursday as volume expanded. The action has a decidedly bearish tone as leading stocks among big-stock NASDAQ names begin to come loose. 
The Market Direction Model (MDM) switched to a SELL signal on Tuesday, December 14th.

If the market commences a second leg down in a continuing correction, then we would keep a close eye on what we refer to as the "NASDAQ 6," the six stocks that together account for more than 49% of the total NASDAQ 100 Index weightings. Four of these, Apple (AAPL), Alphabet (GOOG), Microsoft (MSFT) and Nvidia (NVDA) also account for 70% of the S&P 500's performance in 2021. As these stocks go, so goes the market. If the NASDAQ 6 and other big-stock leaders such as several semiconductor names like Advanced Micro (AMD) and Qualcomm (QCOM), for example continue to break down then this will work in favor of any positions in inverse QQQ ETFs like the SQQQ or PSQ taken as a result of Tuesday's MDM sell signal.
This remains an extremely difficult environment as the big-volume move to the upside on Wednesday followed by the immediate and substantial reversal to the downside on Thursday demonstrates. The critical reference this coming week as we head into the Christmas holiday weekend will be whether the S&P 500 can hold near-term support at its 50-day moving average and perhaps serve as the dividing line between a Dead Santa Bounce/Melt-Up or a Christmas Chrash
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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