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The major indexes are down following the S&P 500’s worst first half since 1970.
With a three-day holiday weekend for the Fourth of July, a lot of traders took off Friday for travel, so we experienced low volume and little to no directional bias.
Chip-maker Micron released earnings just below expectations Thursday after the market close. Micron is oversold to the downside, as we can see in the divergence between the stock price and its Relative Strength Index.
Micron’s earnings could impact the chip sector, so we’ll want to keep an eye on the VanEck Semiconductor ETF, SMH.
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Last week saw a lot of nasty economic data and global events impacting the markets, pulling the S&P 500 and the other major indexes lower yet again as we headed into the Fourth of July holiday weekend.
Volume was low and trading was subdued Friday as investors prepared for the long weekend. It remains to be seen whether the S&P 500 will recover or continue trending lower, meaning we’ll keep an eye on how it reacts come Tuesday morning.
But there is a bright spot amid the doom and gloom that’s been 2022 — health care stocks…
A Stochastic Oscillator is a momentum indicator comparing a particular closing price of a security to a range of its prices over a certain period of time. The sensitivity of the oscillator to market movements is reducible by adjusting that time period, or by taking a moving average of the result. It is used to generate overbought and oversold trading signals, utilizing a 0-100 bounded range of values.
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Jeff Zananiri’s summer vacation from Wall Street continues at the Red Sea in Egypt, where he has some words of wisdom to share.
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