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June 12th 2022 |

Market Review |

It was a though week as U.S. stocks finished the week with deep losses. The Dow Jones Industrial Average slumped 4.6% over the week to 31,392.79. The S&P 500 retreated 5.1% for the week to finish at 3,900.86. The Nasdaq posted a 5.6% loss for the week and finished at 11,340.02. All key S&P sectors ended in negative territory for the week, led by the financial sector. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, advanced to 27.8.

Short-Term Technical Condition

Although the S&P 500 finished the week with steep losses, most of our short-term-oriented trend indicators were holding up relatively well in that context. On Friday, the S&P 500 dropped below the bearish threshold from the Trend Trader Index. As a result, the purely short-term-oriented price trend of the S&P 500 turned negative on that day. Nevertheless, the short-term-oriented price uptrend of the market has not been completely broken yet, since both envelope lines of the Trend Trader Index have not formed a bearish rounding top so far. Additionally, we can see that the underlying trend momentum of the S&P 500 still remains positive so far (Modified MACD and the Advance-/Decline 20 Day Momentum Indicator). As a result, our short-term-oriented trend indicators have not fully confirmed the move from last week.

Basically, the same is true if we analyze the downside participation (trend quality) of the latest sell-off. There we can see that most of the declines were mostly driven by READ MORE


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