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At this point in the game, to me, it seems like the bears are in full control in this market. With interest rates rising, profits decreasing and sentiment plummeting, assets currently want to go in one direction, down. Every time I have tried to use my past experience in the market and catch a bounce, I have gotten burned. Buyers have not been showing up in this market at all. They do a little bit, but they disappear even faster than they arrive. In this market, it seems like nobody wants to buy the dip and that institutional selling is overpowering everyone. The bounces in the market are just so that the market can continue to sell off in a systematic manner in my opinion.
Some stocks bounced on decent volume on Friday, but I really don't think that's of any concern. Unless we get another high-volume green day, I don't see any reason to get bullish. Besides, maybe, for a small move up in the short term, followed by a consolidation, then a move lower.
Every big player in the stock market currently seems to be in a downtrend on almost every single timeframe. For example, the SPY & QQQ are both in one week, two week, three month and 200 day downtrends. Basically showing that bears are in control on every single timeframe. If there is any major upside, it will just be a great opportunity to go short.
This is not Financial Advice & I am not a financial advisor. These are all just my opinions and what I am seeing from my point of view.
SPY.Close
2022-06-17 365.86
[1] "Breakouts"
SPY set a 200 Day Low Today
[1] "Trends:"
SPY Price is in a One Week Downtrend
SPY Price is in a Two Week Downtrend
SPY Price is in a Three Month Downtrend
SPY Price is in a 200 Day Downtrend
QQQ.Close
2022-06-17 274.69
[1] "Breakouts"
[1] "Trends:"
QQQ Price is in a One Week Downtrend
QQQ Price is in a Two Week Downtrend
QQQ Price is in a Three Month Downtrend
QQQ Price is in a 100 Day Downtrend
QQQ Price is in a 200 Day Downtrend
XLK.Close
2022-06-17 124.62
[1] "Breakouts"
[1] "Trends:"
XLK Price is in a One Week Downtrend
XLK Price is in a Two Week Downtrend
XLK Price is in a Three Month Downtrend
XLK Price is in a 100 Day Downtrend
[1] "Volume Analysis:"
XLK Volume was 42.06232 % Above its 10 Day Average Volume
XLK Volume was 52.22291 % Above its 20 Day Average Volume
MSFT.Close
2022-06-17 247.65
[1] "Breakouts"
[1] "Trends:"
MSFT Price is in a Two Week Downtrend
MSFT Price is in a Three Month Downtrend
MSFT Price is in a 100 Day Downtrend
MSFT Price is in a 200 Day Downtrend
[1] "Volume Analysis:"
MSFT Volume was 41.63262 % Above its 10 Day Average Volume
MSFT Volume was 37.4089 % Above its 20 Day Average Volume
ADBE.Close
2022-06-17 360.79
[1] "Breakouts"
ADBE set a 200 Day Low Today
[1] "Trends:"
ADBE Price is in a One Week Downtrend
ADBE Price is in a Two Week Downtrend
ADBE Price is in a 100 Day Downtrend
ADBE Price is in a 200 Day Downtrend
[1] "Volume Analysis:"
ADBE Volume was 152.9754 % Above its 10 Day Average Volume
ADBE Volume was 162.0023 % Above its 20 Day Average Volume
NVDA.Close
2022-06-17 158.8
[1] "Breakouts"
[1] "Trends:"
NVDA Price is in a One Week Downtrend
NVDA Price is in a Two Week Downtrend
NVDA Price is in a Three Month Downtrend
NVDA Price is in a 100 Day Downtrend
AMD.Close
2022-06-17 81.57
[1] "Breakouts"
AMD set a 200 Day Low Today
[1] "Trends:"
AMD Price is in a One Week Downtrend
AMD Price is in a Two Week Downtrend
AMD Price is in a 100 Day Downtrend
AAPL.Close
2022-06-17 131.56
[1] "Breakouts"
[1] "Trends:"
AAPL Price is in a One Week Downtrend
AAPL Price is in a Two Week Downtrend
AAPL Price is in a Three Month Downtrend
[1] "Volume Analysis:"
AAPL Volume was 50.00454 % Above its 10 Day Average Volume
AAPL Volume was 40.59228 % Above its 20 Day Average Volume
AMZN.Close
2022-06-17 106.22
[1] "Breakouts"
[1] "Trends:"
AMZN Price is in a One Week Downtrend
AMZN Price is in a Two Week Downtrend
AMZN Price is in a Three Month Downtrend
AMZN Price is in a 200 Day Downtrend
GOOGL.Close
2022-06-17 2142.87
[1] "Breakouts"
[1] "Trends:"
GOOGL Price is in a One Week Downtrend
GOOGL Price is in a Two Week Downtrend
GOOGL Price is in a Three Month Downtrend
GOOGL Price is in a 100 Day Downtrend
GOOGL Price is in a 200 Day Downtrend
[1] "Volume Analysis:"
GOOGL Volume was 37.76755 % Above its 10 Day Average Volume
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