In this case, the picture is worth 1000 words. So… here’s a picture… with some words on it… Long story short, this is the inflection point. Either the markets find traction here and recover or we fade the rest of the year (more than likely).
Futures are mixed but mostly positive. Tech got hammered because the world believes the Omicron variant is bad and the Fed is going to choke off the economy somehow. Most likely neither or these ends up being true.
The Fed may be raising rates, but it’ll be slow and methodical. The market should be able to digest it. And life should go on, virus or not.
So, with fewer than 20 trading days left to the year, we start the countdown clock. Do we stick rally back towards 4850 to finish the year? Or do we fade to the 4300 range?
Regardless, it’ll have been one heckuva year for investors.
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