Market Report for Jun 22 2022
Tuesday was the first trading session of the week and it looked to be pretty bullish which was supported by higher than average volume. However, we should keep in mind this is just one day, a moment in time during this bear trend so need further evidence gather over more time.
Since the last low on the S&P 500, there has been 50% up days and 50% down days with 35% of those days being above-average volume. Yesterday the S&P 500 had 58% up bars Nasdaq Composite had 54% up bars based on 5-minute charts.
A lot of the leadership was provided by mega-cap stocks which was nice to see. All the sectors started the session on a high note and closed higher.
For now we are still standing aside but actively looking for both long and short opportunities.
Let’s go trade!