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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3955
Registered: 05-2011
Posted From: 24.164.46.35

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Votes: 0

Posted on Friday, January 21, 2022 - 12:19 pm:   

Sellers Rushing for the Exits This Week
Futures taking another round of distribution as sellers weigh in hard this week.

The Major Indices have all given up their 50-day moving averages, which puts the market in more of a "defensive" or "concerned" state of mind. Any position that is under-performing is often cut from portfolios and various hedging strategies are deployed on remaining Longs.

Volatility has been on the rise as usual when sellers start to rush for the exits. Traders who fail to adjust their risk and approach when volatility rises have a higher probability of struggling with it.

Overall, the market is looking like it is going a little "too far, too fast" to the downside as various sentiment and breadth indicators start to reach "oversold" extremes. So while keeping losses under control is first on the agenda, traders should be making a list of stocks to pounce on when signs of a reversal/bounce get underway.

Intermarket Analysis:

Transports (IYT) drop below its 50-day sma to challenge the December 20th "bullish gap zone" near $260.

The 10-Year Yield ($TNX) trending up the right side of the chart, but pulling back in after stalling along 1.85% this week.

The US Dollar ($USD) bounced back after a hard breakdown under weekly support/50-day ma, which now acts as a temporary resistance level for buyers to battle.

Crude ($WTIC) continues to rise, currently back up to its Oct/Nov highs at $85/barrel. Next stop is $90/91, taking it to multi-year highs back near 2013/2014 levels.

Gold ($GOLD) finally captures a bid to break above multi-week resistance along 1830.

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