Selling begets selling, especially on the NASDAQ, and now the index is piercing through its 200-day moving average. I would like to see it close above this very critical support point. Below this point and additional selling is automatic - known as climatic.
There is also a sea of red for the S&P 500 where there is no place to hide beyond Energy names, which are higher in part to the return of geopolitical risk
I believe this is 100% emotional at this point - even if you factor in four rate hikes - the liftoff is coming from zero.
The VIX is higher, but nowhere near where one would imagine.
The last hour of trading is going to be interesting. Besides being oversold, there is no reason for the markets to rally into the close.
Patrick J Pedley on 1/18/2022 3:27:45 PM
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