June 26th 2022
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Key Takeaways
- No significant recovery in our short-term-oriented indicators visible
- Latest gains can still be classified as oversold bounce
- Stay on the sideline as the risk-/reward ratio is too low to act contrarian
Market Review |
The market was in bounce mode last week. All three major U.S. averages posted strong weekly gains and snapped three-week losing streaks. For the week, the Dow Jones Industrial Average succeeded to gain 5.4% to close at 31,500.68. The S&P 500 finished at 3,911.74 and is up nearly 6.5% for the week. The Nasdaq jumped 7.5% from last Friday’s close to end at 11,607.62. Nearly all key S&P sectors ended in positive territory for the week, led by the discretionary sector. Energy was the only weekly loser. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 27.2.
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