The semiconductors as market baromters!

AMD has been battered and bruised in 2022. The stock is down more than 60% from the highs of last year. Any meaningful bounce in the overall market needs to start from this sector. Watch AMD and NVDA as overall barometers of the market. AMD in particular is quite oversold and may offer a bounce up to $80 if the market gets more constructive during this short trading week. Holding above Friday's low is the first requisite for the active bulls. A break and close below this area will make the overall tape a lot more bearish moving forward.