Feeble Bounce Attempt with Nick Santiago 9-26-22 #427

Daily Market Wisdom with Nick Santiago

1. Every trader and investor is watching to see if the major stock indexes will be defended at the June lows. At this time, the S&P 500 Index has held those lows, but a bounce with light volume will tell us what we need to know. A low volume reversal or defense of the lows will tell us that conviction is really lagging. So far that is what I'm seeing.
2. Apple Inc (AAPL) is one of the key stocks that most market participants are following right now. Obviously, this is a mega cap stock that carries a lot of weight in the S&P 500, the NASDAQ & the Dow Jones Industrial Average. This stock is trading higher today so that is a positive. It is also trading well above its June lows. This tells me that it has relative strength compared to the market. If this stock breaks down then all confidence would likely be lost very quickly.
3. Gold is basically flat today, but it remains in a down-trend. While gold should still have lower to go it is very oversold at the moment and into some support. The strong US Dollar Index is certainly putting pressure on the precious metal.
4. Bitcoin is bouncing a little today trading around 19,200. It is still holding the June lows as well, but ultimately is in a large time-frame down trend and should ultimately trade below the 13,000 level.