What do Kim Kardashian & The Market Have in Common?

(5/16/22) Markets put in a big bottom last week--at least for the short term. Even though markets finished down for the day on Thursday, they rallied back above the open, setting up a green candle, and establishing a test of the level at three standard-deviations from the 50-DMA. Friday's subsequent rally pushed the index up to within two standard-deviations from the 50-DMA, and got close to triggering a money flow buy signal in a market that was still very over-sold. Establishment of this bottom now prepares the market for a rally up to the 20-DMA, currently on the SPY at 416-418. That level is the top of the current downtrend line, around 430 on the S&P. All of the elements are in place to create a rally back up to higher levels. Whan that happens, use this as an opportunity to reduce risk and rebalance portfolios.

Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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