We’ve been going nowhere fast, folks…
In case you haven’t noticed, we’ve just been moving back and forth by about 2,000 points the past 20 trading sessions or so. The Nasdaq’s sitting near the same price levels it was at exactly a month ago!
That tells us there’s not a lot of movement there…
This is exactly why the stock market’s been so choppy lately and why I’ve been warning anyone who will listen that we need to be more patient.
So rather than giving you a few more story stocks, I’d figured it’d be a great idea to give you another stock market update for the end of February 2022.
For those of you who aren’t familiar with story stocks, it’s when a company’s price is based on news or a “story” instead of fundamentals. For example, Tesla Inc. (Nasdaq: TSLA) is a great example of a story stock because it gets way more hype than its fundamentals deserve.
My Stock Market Update for the End of February 2022
I don’t see the markets falling much further…
When stock futures broke down on Monday, the Nasdaq 100 E-Mini broke the low it made on Jan. 24. Then it started to rally, but that’s beside the point I want to make in this stock market update for the end of February 2022…
If you look at the RSI oscillator in the image below, you’ll see when it made that initial low, it went all the way to the 20 level.
But when the Nasdaq 100 E-Mini hit a low on Monday, the RSI couldn’t even break the 37 level.
That’s significant to note on the day that everyone thought Russia might invade Ukraine.
But the next question you’re probably asking now is if it’ll be able to break its 200-day moving average or not…
Check out my short stock market update for the end of February 2022 to find out what traders should do next to prepare their portfolios, and to get five defensive tickers worth watching right now.
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