- We are due for a big rebound after being down six weeks in a row, as there is clarity on the interest rate front with the Fed committed to 50-basis point hikes - and we are basically oversold.
- We can always overshoot, but a good target is the downtrend that lies between the 50-day (10-week) and the 200-day (40-week) moving averages.
- The Russian ruble has appreciated dramatically from its post-invasion low in the 130s to close Friday at 64 per dollar on the USDRUB cross rate. That’s basically doubling in value in short order.
For further details see:
Stock Market Headed Between Scylla And Charybdis