stock-market-outlook-intraday-midday

Midday investors are retesting the recent rally. With the NASDAQ down 250 points as the lunch hour ends.

New York Stats:

Volume is just above average at 2.2 billion.

New 52 week lows are at 68 while new highs are double at 127.

Volume is not heavily to the downside with 48% moving lower and 50% still being traded to the upside.

43% of all stocks are falling on New York while 49% are still rising.

NASDAQ Stats

Volume is heavy on the NASDAQ which advises that investors who two days ago were busy buying the rally are now selling it.

Volume is 67% to the downside.

57% of all stocks are falling with 33% still rising.

New lows midday are up to 338 but there are 108 new 52 week highs holding out some hope the retest of the recent rally may hold.

Outlook:

The outlook remains negative for the afternoon but spikes should be expected. The worst will probably be the last half hour of the day which is expected to see more selling into the close.
Tomorrow we get bank earnings which should give us some understanding of where the market could head next. The NASDAQ has been below the 100 day moving average all day but has yet to break down to the 200 day where it was on Monday Jan 10 before the NASDAQ rallied strongly back. The low in the NASDAQ today meets the close on Monday. Today will advise whether the NASDAQ can hold the rally and stage a second rebound starting tomorrow. Bank earnings if they beat estimates may assist.

NASDAQ Index as of 1:00 PM Jan 13 2022

The NASDAQ has been down to the 14930 level three times since October and each time it has managed to bounce back. Today should give us some clue what to expect.

TSX Composite Index – Canadian Stock Market Outlook
For those who follow the smaller Canadian Market, the TSX is down 32 points to 21,362. The index has continued to have trouble breaking above 21,000 to hold and move to 22,000.
Volume is low at 182 million shares traded.  Of volume 32% is to the upside. 63% of all volume is being traded lower.
53% of stocks are falling while earlier in the day less than 30% were falling.
The outlook is neutral to slightly bearish for the TSX but another slightly positive close will not be a surprise for the TSX.
Summary
Enjoy your afternoon! We should have a better idea where this selling will end nearer the close. Watch for heavier selling in the final 30 minutes of the day on the SPX and NASDAQ. I will be buying SPY puts on any spike higher around 3:20 to 3:30 today.


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