Are we ready for 3 day bounce in US stock market....

 This was the week when Fed Governors took every mike they could find and kept repeating " pain is to come "

Markets obliged by tanking on every news like rising yield, higher jobs data, higher Oil prices

So we are deeply oversold again......

Based on bearish pattern which IS nicely evolving, we got 1 day oversold bounce then 2 days oversold bounce.....this week could be 3 day oversold bounce ? ..pattern points yo this kind of trend.....

Based on my famous non-patented read on RSI......only XLE RSI of 61.40 is bullish...only 1 sector survived Fed speak.....

Remember how Solar was the-strongest sector few days ago...guess what? Solar / TAN is the-weakest @ 34.41 RSI in my universe.....

The above 2 sectors which flip flopped in opposite direction proves in bear markets " nothing is safe or strong.....based on this " repeat theory...XLE may be ripe for southbound action.....

NOW that we fully understand that it IS bear market until Fed pivots.....it is good to book profit IF we are so lucky instead of hoping against hope...or looking for homeruns 

IF you are well diversified and get some stocks participating in these sporadic bounce then book profit as they go away in next 72 hours....

Based on my universe we made new lows for 2022 in S&P 500, DOW, SOX & XLB ( Materials )

Nasdaq escaped new 2022 lows by hair which may happen IF we open lower on Monday.....

XLE is the only sector which is above 50 DMA & 200 DMA but far from making new highs.....this may be as good as it gets...

Bear market goes on, we must pursue some kind of survival strategy of selling @ any profit

Please rethink your portfolio based on reality of bear market.....

Good luck with your own take on market and your own comfort level.

BLOG does NOT give buy or sell.

Saleem