Are Markets near a Short-term Bottom?

(6/21/22) Last week's sell-off pushed markets down sharply, and markets tried to stabilize on Friday, ahead of the long weekend. As we produce this report, all indexes are showing the possibility of a bit of a bounce this morning. Markets are over-sold down to three standard deviations below the 50-DMA, putting more downward pressure on stocks as the average continues to slide. This and other indicators are at levels from which we should start to see a bounce. A reasonable retracement level would be right at the 3,900 to 4,000 point for a rally. We're suggesting that any rally be used to sell into to reduce risk and raise cash. A break above the 50-DMA will give you a shot at the 200-DMA. So long as the Fed continues to aggressively raise rates, keep a watch for indications of a breakout to the upside---something we don't expect to happen today.
Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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