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"The $64,000 technical question concerning WMT is whether or not any forthcoming negative reaction will fully test both the very modestly up-sloping 100 and 200 DMAs, now clustered at 144.70/80?
"My near- and intermediate-term pattern and momentum work argue that a positive reaction to earnings must climb and close above 151.00 to trigger nearest-term upside reversal signals off of last Friday's low at 146.14 (9% off of the 4/21/22 all-time high at 160.77). In the absence of a close above 151.00 (just a 1.1% rally from current levels), WMT will remain vulnerable to another loop down that tests critical MA support in and around 144.75 that must contain the weakness to avert considerably more downside potential that projects into multi-month support from 132 to 135."
Below are major indexes which have either closed their gaps are are extremely close to doing so. Dow Jones Composite: Dow Jones Industrials: S&P 500:
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