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VoSI Focus List Review for the Week Ended January 28, 2022

The stock market remains in a correction. The S&P 500 Index posted a big U&R move on Monday through the October lows, but that has so far played out as a reaction rally into the 200-day moving average, where resistance persists. After Monday's U&R, the index engaged in a great deal of intraday volatility to end the week on a strong note as it pushed into moving average resistance on lighter volume. Despite the 2.43% move in the S&P, volume was insufficient for a follow-through day.
The NASDAQ Composite Index is where the brunt of the selling has occurred as high-PE names go through interest-rate induced PE-contractions, and remains far below its own 200-day moving average. Most individual stock chart patterns are decimated, and will likely require some time to heal, at best, notwithstanding some reaction rallies off current lows. We see no reason to be involved in this market on the long side unless one is intent on trading potential oversold bounces. Meanwhile, extreme intraday volatility makes the short side of the market a dicey proposition at this stage of the decline as most everything is extended on the downside. It may be that near-term the indexes will consolidate the 2022 breakdown off the peak for a period of time before resolving lower, and this process could involve some upside from here, but we will allow market events play out for now and await any changes.
The Market Direction Model (MDM) remains on a CASH signal.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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