2/8/22 Bulls Retire

News:

Yesterday the market held a nice rally right into the last hour of the trading session. And then on light volume gave it all up.

No bulls were anywhere to be found as the bear closed the market.

Photo by Brett Sayles from Pexels

No catalyst to be found either. Just general weakness.

The strongest rally I saw was in the crypto market where DOGE and SHIB outperformed. And bitcoin is holding up nicely.

Technicals:

The VIX moved up slightly but is still near bullish levels. The put-to-call ratio is neutral and so are all the RSI levels I track.

The indexes look like they’re setting up for another leg down.

Timing:

Without a strong catalyst prior, the market has no reason to make a huge more before CPI data, due out on Thursday, is released.

I expect choppy sideways action with a downward tilt until there is news to move on.

I’m risk-off. Be safe!

Watchlist:

*Low Float

*CORZ has support at $10
*SGLY has support at $5
ANGH is on watch
VIVO is on watch
FUN has support at $59
TSN is on watch

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