S&P 500 has been selling off but looks like it has finally settled into a Support Range (11470 - 12400). I believe this is the lowest it will fall during this move and then we will get a bounce from this area. We may see it sit here for the rest of the week, bouncing up and down. This may even last for a couple of weeks. However, when it finally breaks out of this range... that is when I see a big rally coming. We have Bullish Divergence on the RSI.
Sidenote: We are in a BEAR market in 2022. When the rally comes, it will be a big rally but it will be short-lived. There will be many bullish rallies but all of these bullish rallies will likely end up in a Bull trap and a big sell-off to take the market down lower. This is more of a trader's market than a long-term investor's market. I wouldn't be trying to pick up positions to hold long term. I'd only be focused on trading the swings. We don't know how low this thing will go, so I wouldn't be trying to just buy stocks to hold or anything until this market creates a floor. I will update when it does.
Sidenote: We are in a BEAR market in 2022. When the rally comes, it will be a big rally but it will be short-lived. There will be many bullish rallies but all of these bullish rallies will likely end up in a Bull trap and a big sell-off to take the market down lower. This is more of a trader's market than a long-term investor's market. I wouldn't be trying to pick up positions to hold long term. I'd only be focused on trading the swings. We don't know how low this thing will go, so I wouldn't be trying to just buy stocks to hold or anything until this market creates a floor. I will update when it does.
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EDIT: I meant Support Range (3800 - 4000) in my first sentence.