Hello! Here’s what’s happening in the market today…
Last week was brutal for the markets. The Nasdaq fell to correction territory. And Bitcoin is now more than 50% off its all-time highs.
As Omicron wanes, Dr. Fauci said, it’s “going in the right direction right now” other factors are weighing on the market.
Inflation is still high and international tensions are heating up over the Russian/Ukraine conflict. If things escalate oil prices could go even higher.
I’m searching for a bottom of the current sell-off.
The DOW finally closed below support, joining the other indexes.
Right now, we’re due for a bounce…
The VIX is soaring…
The put-to-call ratio is extremely oversold.
Most RSI levels are exetremely oversold.
Stocks trading below their 50-day moving average is near record lows…
I’m keeping a close on this chart. The only one not screaming “bottom” yet … Percent of stocks trading below their 200-day moving average.
If we reach that 20% level it will be a buy time for me.
Until then I’m happy to wait this out for a little bit more.
As January goes so goes the year….
It’s the last full week of the first month. All indications are 2022 isn’t going to be another hot year for the market.
But that’s not a bad thing if you have the patients to ride it out…
“In this game the has to keep pitching, but you don’t have to swing. You can stand there with the bat on your shoulder for six months.”
*IMTE has resistance at $12
PT has support at $1.30
LLNW has support at $3.80