Clearly the stock market is in a better place today than it was a few weeks ago, from a technical perspective the market has shown some constructive action. I think the real storyline here is the underlying market. 

May stands as the important turning point in the market from my technical perspective; that is we saw heightened volatility but we did see a continuously descending volatility index.

The Fed’s shock & awe attack on inflation seems to be having an impact which is reflected in the stock market’s trends. 

No surprise that investors are taking rallies at face value. It has been very frustrating in the first half of 2022 to see that rallies big and small have little substantive impact on the ongoing decline. 

The first half of 2022 is in line to be about the worst first half in 50 years for the stock market which is attributable to a number of factors, but inflation is front and center. 

Yesterday’s market action was further indication that the market is in a marathon and not a sprint as it pertains to base building and not likely to see a V-shaped recovery. 

Volatility has calmed considerably from last month’s expansive trading swings and this has been reflected in the VIX which stands under 27. 

As we count down the final days of June and the last days of 2Q I think things are shaping up quite well for the market. I believe there’s a better than even chance that the market has struck its bottom.

It remains too early to call an absolute or reliable bottom in the stock market, but this week’s action was encouraging from a technical perspective. For one, the market seemed more resilient… 

Beginning with the January 24 reversal, there were a number of significant and dramatic turns in the market but they proved to be pitfalls to lower levels. It wasn’t until May when the market began to shift…