From the desk of Willie Delwiche.
What a week…
What a month…
What a start to the year!
We’ve seen pockets of strength in the market. But by and large, it’s been a tough slog to start 2022. In the words of an All Star Charts colleague, it’s starting to look a bit like “no-man’s land” out there as stocks have tried (but generally failed) to produce some positive momentum after the worst start ever to a new year.
Even if we were able to get back above some key levels, where would that put us? Back into the sideways mess that characterized most of 2021. Not breaking down is a necessary – but not sufficient – condition for breaking out.