The Heatmap from yesterday ( SP500 ) shows the full story of last week. The stock market has been beaten down following additional FED hikes and announcement that more action can be expected from the FED.
General Market Update
Stock Market Falls Again
The stock market was clobbered again Friday despite a weak pullback driven by the bulls. A few industry groups managed to shine even in the broader downward pressure.
The S&P 500 ended the session down 1.1%. This means the benchmark index ceded more than 2% for the week and closed below the 50-day moving average. If it fails to rebound back above this key level it would be a worrying development.
The Nasdaq composite ended the day down 1%. The tech-heavy index fared even worse than the S&P 500 as it skidded nearly 3% for the week. After the week's battering it has now lost more than 32% so far in 2022. The Nasdaq closed below the 50-day line the past two days.
Volume surged on both the Nasdaq and the NYSE. This added distribution days to both the S&P 500 and the Nasdaq. Decliners outnumbered advancers by around 2-1 on both the NYSE and the Nasdaq.
General Market Update
Stock Market Falls Again
The stock market was clobbered again Friday despite a weak pullback driven by the bulls. A few industry groups managed to shine even in the broader downward pressure.
The S&P 500 ended the session down 1.1%. This means the benchmark index ceded more than 2% for the week and closed below the 50-day moving average. If it fails to rebound back above this key level it would be a worrying development.
The Nasdaq composite ended the day down 1%. The tech-heavy index fared even worse than the S&P 500 as it skidded nearly 3% for the week. After the week's battering it has now lost more than 32% so far in 2022. The Nasdaq closed below the 50-day line the past two days.
Volume surged on both the Nasdaq and the NYSE. This added distribution days to both the S&P 500 and the Nasdaq. Decliners outnumbered advancers by around 2-1 on both the NYSE and the Nasdaq.
Combing the BEST of two WORLD's: Cathie Wood & Mark Minervini