Yesterday, May 9, 2022, a day that will live in infamy, the stock market broke down from a major top that has been 10 months in the making.
This will get everyone beared up for the longer term, as it should. However, we here at the Stool focus only on today and the next 24 hours. So, now that sport has been crushed, leaving no doubt in the minds of true chartists that we’ve been in a bear market since January, what happens today?
Do we get a bounce?Well, turns out we’ve already had a rally of 65 points off the overnight low. And they’re back to resistance.
If they get through here, then this rally will persist for a while. Next stop 4050, 4060, or maybe even 4075. On the other hand, a rollover at 4035 would call for a test of 3965, and undoubtedly another rebound. The PPT and your tax dollars hard at work.
I have an appointment with the goovernamont today. See you later!
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For the big picture:
- Buys Beat Shorts in This Week’s Swing Trade Screens May 9, 2022
- Big Tops Lead to Big, Bad Bear Markets May 8, 2022
- April Tax Collections Still Running Red Hot Mean That Fed Must Get Tighter May 4, 2022
- Time to Catch Gold Knives May 3, 2022
- The Fed is Tightening Into a Sheet Storm May 2, 2022
