The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

Friday marked the broadest rally we’ve seen all week, with excellent participation and also more than 90% of the volume into advancing stocks vs. declining.  This week’s move was encouraging in how it has helped short-term momentum improve a bit.  However, while a number of reasons stand out as to why stocks are very close to a more intermediate-term low for 2022 (which is explained on the next page), more progress is needed from price to argue any real technical improvement.  As discussed yesterday, nearly the entire week has seen defensive positioning, downtrends and intermediate-term momentum remain structural concerns.  As of Friday’s close, prices are now up to a zone of important short-term resistance to this bounce, and I suspect that SPX-3920-3975 could be important for Monday and also QQQ-298-304 as an area for QQQ where prices might stall out.  Given the upcoming Russell Rebalancing and end of quarter flows, seeing some backing and filling to this week’s sharp rally might be necessary before a more material low is at hand.  The important catalysts should be the start of the US Dollar and also TNX pushing back to recent highs, which might have gotten underway Friday. 

Source: Trading...

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