Market News June 1, 2022
It's a great time to take advantage of market volatility!
The market has shown incredible volatility, giving traders an excellent opportunity to make some great trades. I have people ask me how my trading is going since the market is going down. I answer it's a great time to be an active trader.
What's the market doing right now?
The market is currently trying to stay out of being in a true bear market. It started a rally last Thursday and is currently in a bullish structure. Having mentioned that, the market is currently dealing with inflation, high gas prices, and the Ukraine war among other issues. So it is safe to say that the market is not completely out of the water.
What are some important key levels?
There are currently a couple of important levels that will be key to market direction. The market saw resistance at the 416.46 level on Tuesday, May 31, 2022. On June 1, 2022, it had a huge selloff as investors weighed all of the aforementioned issues. I will be looking for the market to test support down at the 405 level. On the other hand, in order for the market to continue its rally, it not only needs to break over the 416.46 level but also break above the 50 EMA (aqua-blue line on the image below).
What will it take for a market rally?
The market needs a slew of good news. Starting with inflation showing some easing. Gas prices need to come down as soon as OPEC begins increasing oil production. Some good earnings from some of the major companies will help too.
PSC13 Newsletter
by Jose Navarro on June 1, 2022
**This newsletter is intended for educational and entertainment purposes only. Pennystocksclub13 intends to educate beginner traders with easily accessible and simplified information to shorten the learning curve. Traders should always do their due diligence and continue educating themselves about the risks involved with trading.
All charts courtesy of Thinkorswim platform. Pennystocksclub13 is not affiliated withThinkorswim.
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