Zooming Out - Market Analysis for Feb 23rd, 2022

Feb 23, 2022 - 3:35 PM EST

The market is nearing long term major support levels in both sentiment and market price as shown by the arrows in the chart. It would be extraordinarily unusual for the market to continue unabated through the 4200ish SPX region (this does not preclude a spike down and reversal). The LTTI chart below that shows that the bearish trend strength (measured by divergence from what sentiment would indicate) remains strong and is at least trying to bounce from its low but appears to be struggling to get above the March 2020 low area (that is current resistance).

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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