Is There a Market Bounce Coming?
Posted on Friday, April 29, 2022 at 3:59 PM
Dan Passarelli, CEO - Market Taker Mentoring
It's been a very volatile week. Big up days. Big down days. What's next? Is there a market bounce coming? Or will we continue lower?
Dan Passarelli of Market Taker Mentoring answers this question using technical analysis. The first thing to look at is stock support and resistance. specifically, if we look at the exchange traded fund (ETF) SPY we are sitting at a key support level right now.
But in addition to that technical indicator, we can also look at some market studies. Dan looks at the relative strength index, or RSI and notes the market is getting close to (but is not yet at) an oversold level. Chances are this coming week will be a key week for the market.
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