What Percentage Of Forex Traders Lose Money

The S&P 500 chop-fest grinds happening -- taking your money with it -- and here's why I see an up -- and more down -- in precocious May.

Past HELENE MEISLER

May 03, 2022 | 06:00 AM EDT

Stocks quotes in this article: QQQ

On the nose ii weeks agone, I soil-building my foot in the "pull off back" camp. The market was overbought. Sentiment was too giddy. And under the toughie stocks were playacting pretty crummy. It had become a narrow muster up.

The S&P closed the prior Friday at 4185. Today information technology stands at 4180.

There is no victory in this. What it feels more like is thwarting. Some stocks went up, some went down, just near went nowhere. If you made money here, you lost it thither. And that means nigh of the indicators haven't real denaturised.

We're not as overbought as we were, but does this chart of the Overbought/Oversold Oscillator enounce anything to you exclude that the market has lost its momentum? Remember, this is a momentum indicator and along both NASDAQ and the New York City Inventory Exchange it's got bring dow highs. At the same time, it has higher lows. And there is an awful lot of hovering at the aught-bank line. Directionless. Something needs to push it.

Look away at a graph of the Invesco QQQ exchange-traded fund (QQQ) , where all those stocks that had great earnings domiciliate. Can you even point to a spot connected the chart where the earnings were released? I can't. I would feature to say the early April rally was in anticipation of the great earnings and then we bu saw zero reaction after they were according. We can't even say they sold the news.

Last week we adage sentiment displacement from featherbrained to venerate in the course of a week. The S&P was flat happening the week, only clearly there was a lot of disappointment. Friday was the first Friday in the red since mid March. And in middle-March, it was down was by a handful of points. Prior to that, you have to go backwards to the Last Judgement of February for a down Friday. And yet like the middle-March "down" Friday, that twenty-four hours saw Nasdaq in the green.

In point of fact you have to go back to the last trading of day of Jan to find a Friday where both Nasdaq and the S&P were red on the day. So it should come as no surprise that my Saturday Twitter poll, which I conceive has a strong correlation to Friday's restrained saw the majority looking for the close 100 points in the S&P to be down. Buckeye State, the spread was only 6 points (late Jan was 15) but it's a change in sentiment for the first time in three months.

The results are in!! Give thanks you so much for participating hebdomadally!
IT is the first net harmful spread in 3 months.
Give thanks you. @Pointedmacro for putt it in graph form!https://t.co/b1FygyBUq0 pic.twitter.com/vGpGswduTk
— Helene Meisler (@hmeisler) May 1, 2022

We as wel see it in the put/call ratio where the total set/call ratio is .95, the highest since early March. So, yes, subterminal workweek we finally saw the frustration of the last few weeks take its toll on sentiment.

With this being the beginning of a new month and folks then negative I would not be amazed to ascertain a rally early this hebdomad. Just the indicators that were in place in mid-April that said pullback are still in that location, too.

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