Selling pressure picked up on Omicron worries, but the problem appears to be a lack of buying interest rather than strong selling pressure. Buyers just aren't very interested in buying dips, and that means that sellers don't have bids for their offerings.
Breadth is running more than 2 to 1 negative, but there are around 250 new 12-month lows to just 15 new highs. The number of new lows has been the most obvious manifestation of how poor this market has been.
What is most frustrating about this market for many traders is that we have bear market action in many stocks, but it is well hidden by the indexes. Even with the recent dip in the S&P 500 and NYSE, the two senior indexes cover up a tremendous amount of weakness. Groups like biotechnology are facing their worst performance in many years. Gambling and cannabis are flopping around at lows, as are many individual stocks.
I've made the point numerous times this year, but if you are focusing on indexes, then you really don't have a very good idea of what is really going on.
I've added to a position in Hut 8 Mining (HUT) this morning, which is a crypto miner and enjoying strength on Bitcoin. Another name I'm trading is thinly traded meta-verse play The Glimpse Group (VRAR) .
There are many stocks on my screens that are drifting lower due to a lack of interest and poor market conditions. Many of these will be great buys, but the easy mistake to make is to jump in too big and too fast.
(Please note that due to factors including low market capitalization and/or insufficient public float, we consider VRAR to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.)