5/2/2022 Daily Stock Market Analysis - Undercut & Rally!
May 02, 2022Both the Nasdaq and S&P market indexes had a volatile day today possibly due to the oversold nature of the market. The Market was up and then down and then up again to end the day up 1.63% on the Nasdaq and up 0.57% on the S&P 500..
Currently, both indexes have undercut prior lows and appear to be staging a rally day.. Often when the market gets oversold and undercuts a prior low they will rally until they find support or resistance. Given that we are in what seems to be a bear market, I would expect the market to find resistance and then continue lower...
The potential wild card though is the Fed meeting on Wednesday.. Although the 10 year treasury yield is hitting all time highs well ahead of the Fed rate hike decisions, a possible reversal of the Feds decision to increase interest rates due to a slowing economy could have a dramatic affect on the direction of the market. Of course only time will tell.
Never the less, my current stance is that the market is in a downtrend with no current reason to change direction.. Cash is still king unless you are a skilled short side trader...
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