In the futures market, the S&P 500 managed to rebound a little overnight, but it seems that the negative pressure is still there. Stocks seem to be poisonous at this time.

Technical Analysis of the S&P 500

During Tuesday's trading session, the S&P 500 attempted to rise but swiftly gave up its gains. That said, the market is expected to continue to suffer a lot of selling pressure if it tries to rise, so we're likely to keep going down and aim to hit the 3700 level. In the end, this is a downtrending market, and I believe the S&P 500 will continue to suffer as long as the Federal Reserve continues to tighten interest rates. Furthermore, since inflation in the United States is now out of control, worry is more likely than not to persist.

Looking at the chart, I don't see any reason to be a buyer of the S&P 500, and even though I anticipated a bigger rally throughout the day, this simply seems like a market that will be pummeled by negative news no matter what occurs. We may eventually witness a large bear market rebound, which is notoriously savage, but at this point, that will simply provide a chance to short this market even more.

Finally, I'm fading rallies as they happen, although to be honest, we haven't had a rally large enough for me to do so yet. This market seems to be on the edge of panic, and it appears that Wall Street has finally realized that the Federal Reserve will not help traders, at least not in the near future.