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VoSI Focus List Review for the Week Ended July 15, 2022

Major market indexes remain within bear flags as the weekly charts show below for the NASDAQ Composite ($COMPQ), Dow Jones Industrials (INDU), S&P 500 ($SPX), and Russell 2000 (IWM). Resistance has remained at the 10-week moving average for all four as the indexes have stair-stepped their way lower all year long.
MasterCard (MA) and Visa (V) have again rallied into moving average resistance. MA pushed into its 50-dma on Friday where it may be shortable using the line as a tight covering guide.
V gapped up and rallied into its 200-day moving average where it was shortable back in early June and and late April before breaking lower at those times. Friday's rally into the 200-dma also proved to be a reasonable short-sale entry point using the 200-day line as a tight covering guide.
While many severely beaten-down stocks are mostly bouncing around or off recent lows, very little is seen in the way of concrete and favorable long set-ups. Meanwhile, logical rallies into logical moving average or price resistance may still offer short-sale entries using the same price and/or moving averages as references for covering guides.
While we remain in a bear market, the possibility of bear market rallies still exists, particularly as we move through the end of summer. At the same time we are moving into the thick of earnings season which may also have its effect one way or another. Big-stock NASDAQ names Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOG), and Microsoft (MSFT) will be reporting earnings at the end of the month, with Netflix (NFLX) slated to kick things off for the big-stock NASDAQ names on Tuesday after the close when it reports earnings. The stock has been building a bear flag which will likely resolve after earnings.
The Market Direction Model (MDM) remains on a SELL signal.
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. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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