Keeping the line steady
The market action on Friday had nothing much in it to shout about. Even though $NASDAQ(.IXIC)$was up around 1.4%, it was not really very meaningful and levels were still pretty much below the 11000 resistance. $DJIA(.DJI)$and $S&P 500(.SPX)$were flat and the bears are pretty much in control overall.
Markets are pretty oversold but are hinting at still another leg down so the bulls have much to do at these levels.
The macroeconomic picture is still unclear. Supply chains need to be unclogged and the Feds have no other choice but increase rates to stop inflation from spiralling out of control. Hopefully, demand will not be tamped down so much such that when supplies start to flood themarket, demand is not there anymore. Well...that is something for the Feds to figure out.
The US markets are closed for a holiday so not much insight from the Yankees.
Stay safe 😊
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