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Checking in on the markets as we close the year

What a year 2022 has been, with a grinding bear market that featured illiquid trading, face rippling rallies, and a lot of false hope predicated on the mythical Fed pivot. Let's take a quick look at some of the charts I'm watching as we approach 2023.

Not oversold ... yet

The NYMO is showing us a market under pressure, but sellers don't seem to be exhausted yet. I look at oversold conditions on the NYMO as -80 or lower, and we're currently at -46.27.

That tells me that there is additional downside potential if we have a negative catalyst, which could lead to that exhaustion should it happen. If so, countertrend pops could be interesting opportunities to fade. For now, however, sellers remain in control.

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