Market Report for Jan 12 2022
S&P 500 = Up
Nasdaq Composite = Mixed
Dow Jones Industrial Average -0.2% YTD
S&P 500 -1.1% YTD
Russell 2000 -2.3% YTD
Nasdaq Composite -3.1% YTD
NYSE Vol: 852 mln (Below)
Nasdaq Vol: 4.3 bln (Above)
We all waited for the Fed Chair comments yesterday and reacted from what was being said as we bought into the market as stocks rebounded.
The treasury yields calmed down after reaching their resistance level which is part helped the all the major indices to close higher as the S&P 500 found support at its d50MA and Nasdaq Composite at its DVI.
Consumer Staples and Utilities did not manage to find strength but Energy, Materials, Tech and Financials had a very positive session.
The buy the dip mentality seems to be continuing as the S&P 500 is forming higher lows and higher highs and although we are buying into the market, we are applying caution.
Let’s go trade!