Intraday Chart Analysis - Stock Market Outlook - Afternoon

Yesterday’s Fed rally added 75 points to the S&P and 328 points to the NASDAQ. It was an impressive bounce as investors seemed to “believe” the Fed’s outlook that there was not much to worry over.

Today though is a new day and investors are focused on an interest rate hike in the UK, the first during the pandemic, a rise in omicron cases and a general fear that maybe this variant will be as worse than expected and weekly unemployment which rose rather than fell.

Afternoon Stats And Outlook

All indexes are lower and will close in the red.
New York / S&P
The S&P is down 52 points wiping out much of yesterday’s rally but trading just below the 4670 level, at 4660.
Overall though the stats don’t look as bad as the market decline “feels”. Investors have definitely gone through worse days. As of 3:00 50% of all volume is still the the upside and 44% of all stocks are still rising while 49% are falling. Surprisingly there are 171 new highs and 120 new lows.
NASDAQ 
The NASDAQ is far worse with 400 points down as of 3:00 PM.
New 52 week lows are 192 against 82 new highs.
63% of all stocks are falling being lead by Adobe Systems Stock (ADBE) which is down $65 points for a 10% decline.
62% of all stocks are falling.
TSX Composite Index – Canadian Stock Market Outlook
For investors who follow the Canadian stock market, volume is average at 267 million shares traded.
55% of all volume is being traded to the upside and 47% of all stocks are rising with 40% declining.
There are 83 new 52 week highs versus 26 new lows.
Overall the TSX is showing strength and most investors trading the TSX are unconcerned about the carnage on the NASDAQ today.
The TSX should close positive today.


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