Stocks Are Falling on May 22, But Will The Pullback Last?
Stocks are trying to bounce back on May 22 after falling yesterday.

Stocks Are Falling on May 22, But Will The Pullback Last?

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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MAY 22, 2022

Stocks – ROKU, NVDA, JPM


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S&P 500 (SPY)

Currently, the S&P 500 ETF (SPY) is trading nearly flat, but when I started writing this, they had been down about 75 basis points. At this point, the ETF is trading well above the $288.75 level of support, or roughly 2900 on the S&P 500 index, which is essential because this is the critical level of support. If the index should break that level of support, it could result in a deeper pullback to around $286.

S&P 500, spy


The Qs are still in a zone that suggests a steeper pullback may lay ahead for the market over the short-term, potentially pushing the index back to the lower end of the trading channel. At this point, the pullback appears to be nothing more than a short-term pullback. But of course, it will be monitored closely.


The VIX is creeping above 30 today.


Roku (ROKU)

Roku was downgraded today at Stephens, which goes to equal weight from overweight and cut its price target to $105 from $155. The stock is sitting at an essential level of support at $110, with a break it could fall to $99.


Nvidia (NVDA)

Nvidia is rising a touch after posting amazing results, and a ton of upgrades and price target increases. The data center was hot and based on their outlook versus AMD and Intel, its obvious who is winning the war. Can the stock keep rising though, look anything is possible. It is likely a bit overbought short-term, probably. But we should have a better sense after today, with a rise above $365, signaling a more significant increase. Here is the story I wrote for Forbes – Nvidia’s Stock May Slump Despite Blockbuster Quarterly Results

JPMorgan (JPM)

The bank stocks continue to trend lower, and JPMorgan is one of those stocks. A drop below $88 sends the shares back towards $81.



Keep an eye oil as it fails at the downtrend.


Health Care (XLV)

Also, continue to watch the XLV, the ETF has stalled out, and the RSI decline is starting to pick up some steam.


Anyway, that’s all


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