5th straight week of bearishness for the market

Both the 50 day SMA and 7200 level has been a good resistance for Nasdaq (pic 2 below)

Last week The S&P 500 came to within 4 points of its 200-day moving average, currently around 2,609.

It has now at the end of the week an Accumulation and distribution scale of D. the worst in the scale of A-E is E.

Look at volume – above the last 15 days but it has not budged Thursday and serious plunge on Tuesday. On Friday despite the wonderful slaughter of analysts expectations by AMZN stock.. AMZN actually declined by the end of the day !!

Amazon and Intel staged ugly reversals.

Amazon gapped up 7.9% but then retreated to a 3.6% gain. Intel rose 5.1% and then erased everything to close with a 0.6% loss.

Next The rising 10-year rate is causing the yield curve to steepen.  In the past week and a half, the spread between the 10-year and 2-year treasury rates increased by 32% from 0.41% to 0.54%. Investors have been worried about the flattening of the treasury yield curve and the potential for a yield curve inversion (2-year treasury rate greater than the 10-year rate).  An inversion of the yield curve has been a reliable signal that the economy is approaching a recession.  Investors have also been worried about rising interest rates. (Source of this para and below pic is Delta market sentiment )

Sidelined for now – the picture is getting uglier