Omicron has been with us for two weekends now … And the markets have yet to dismiss it.
Last Monday closed green but there was carnage the rest of the week. This week could deliver similar results. The first half of December is typically a little weak. So I’m not too worried right now.
I suspect the bottom is near based on my analysis from last week.
But we are still just above the “buy zone” that I called out. See below…
The put-to-call ratio is flashing oversold, while RSI remains neutral. The vast majority of stocks are trading below their 200-day moving averages … I think we snap back in the other direction in the coming days … Next week at the latest.
Bitcoin is not immune to this sell-off. Its December bull run is unlikely at this point. I watching the 200-day moving average for support.
Today I’m once again risk off. I want to see a few more signs the market is turning and I’ll jump back in.