Since the market top in mid-February, there have been a series of 'bull traps'. There have been at least four instances where there was strong momentum into the close and then a sharp reversal the next day. We are seeing that again this morning after the celebratory action after the FOMC interest rate decision on Wednesday afternoon.
There are signs of underlying support this morning, but breadth is running 2250 gainers to 5200 decliners, and the list of 10% movers is quite short. The good news is that the number of stocks near intraday highs is expanding rather than contracting so far.
The selling that is taking place lately doesn't generate much downside momentum, but it does kill some good-looking technical patterns. If you try to anticipate breakouts, it is quite easy to be caught leaning the wrong way.
There is still interest in the NFT area, but it is very choppy trading. I'm holding Greenpro Capital (GRNQ) and CurrencyWorks (CWRK) in that group and am also looking at Hall of Fame Resort & Entertainment (HOFV) , which is a failed SPAC that owns property associated with the Football Hall of Fame in Canton, Ohio. Football is a natural market for NFTs, and the stock is perking up on that potential.
There are quite a few stocks of interest on my radar, but the price action is too sloppy and choppy to do much. I'm only going to buy on deeper pullbacks or on strong momentum with increased volume. The current action offers neither.