The sell-off continued yesterday. The Nasdaq and Russell 2000 declined more than 4% each.
Every major index made a new 52-week low.
Energy, the last hot industry, was the worst performer, falling about 8% as oil fell but held above $100/barrel.
Bitcoin^ reached $30,000. Which is also the 2021 low. I’m watching to see if support can hold here.
The put-to-call ratio is still oversold. That’s day 13 now…
The VIX reached 35 again but failed to breakthrough.
With the vast majority of stocks trading below their important moving averages, I suspect the bottom is near.
But I see no clear signs of a turn just yet.
The bullish time of the year has ended. Without any seasonal momentum, the markets could have more red ahead.
The 1970 comparison from last week is probably our best guide at the moment…
^CYN has support at $3
CVI has support at $29
FNKO key level is $20
LPG is on watch
HDSN is on watch
^REI has support at $4
ARLP has support at $17.50
UNM is on watch