3/13/22 – Sunday Stock Talk Write Up
What does the market have in store for us this upcoming week? What are the important support & resistance levels to be aware of? Read the Sunday Stock Talk Write Up to find out.
This week is possibly one of the most unpredictable weeks we will see in the first half of 2022. Futures rollover, FOMC, OPEX, inflation and headline risk at an all time high with the overseas situation going on… I’m sure there is more here that I’m missing, but those are just the obvious things standing out to me at the moment as we come into this trading week. Weekly & daily charts are in a downtrend with every rally getting sold right back down to lows, but it doesn’t feel like we have completely capitulated to the downside just yet. With the exception of $AMZN, $CAT & $CMG it’s a hard market to find anything that had a green candle last week.
What I’m looking at with every chart is basically the same thing I see on the next chart and that is just weakness basically right on lows, or completely thru lows in something like $BABA & $BIDU. At the same time we are also so far down already that it’s hard to want to continue to short down here, but we are so weak that longs are not on the table at all either.
At the moment I just have one level on my chart for the ES and that is 4243.75. If we are able to get above this level on the week then maybe the hourly chart starts to flip and we can at least push pause on the selling. On the flip side if we start to trend lower then from a larger level perspective we really don’t have anything until under the 4k whole number. It will be a rather interesting week ahead, and taking it easy up until Wednesday FOMC will be the first line of my plan each morning for the week.