FXstreet

The markets are having a tough year so far, with the S&P 500 declining by about 18% year-to-date, amid surging inflation, tighter monetary policy, and rising interest rates. Tech stocks have fared much worse, as investors rotate into value and cyclical bets, with the Nasdaq-100 down by close to 29% year-to-date. Even Apple stock, which has always been considered a safe haven of sorts, hasn’t really been immune to the sell-off, declining by about 23% year-to-date as investors worry about the impact of the Covid-19 lockdowns in China, which could hurt supply for the company and also due to concerns that the U.S. could slip into a recession following a contraction in GDP over the first quarter of this year.

Weekly price is breaking Ichimoku cliud to below for the possible bearish reversal. But the price is oon oversold market condition and it was bounced from 132 support level to above for the ranging or the bullish trend to be resumed.

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