Market Report for Jun 02 2022

Comments:
After a slightly bullish S&P 500 premarket on Wednesday, about 91% of its time was spent below the closing price of the day before. The Nasdaq Composite was not as bad with only 86% of the time below the prior closing price. Both the indices are retesting their recent support.

A bearish day for the indices and sectors, except for Energy which managed a +0.77% gain.

We are still very much in a choppy market and the choppiness will likely be with us for a couple of future rate hikes at least, if not for the remainder of the year as we discussed in a prior weekly webinar.

We will test the trades if or when a good opportunity arises but we do have a lack of opportunities at this moment so we need to continue being patient.

Let’s go trade!