The E-mini S&P 500 fell by about 0.6% while the Nasdaq is lower by 0.3% and the Dow Jones traded with minus 0.5% as global recession fears grew among investors. Still, the equities seemingly are pointing to the upside with some bullish data stances such as positive volatility.

• Protests in China against the COVID-19 restrictions in various cities grew concerns about the economic situation in the nation, giving the market a bearish viewpoint.
• A shortfall of about 6 million iPhone Pro production due to unrest in Foxconn’s Zhengzhou plant pressured Apple by about 2%.
• Chinese stocks came under pressure due to the mentioned protests.
• The bullish momentum due to the prior’s week’s statements about a slowdown of the pace of interest rate hikes still might be supportive for the markets in this week.

The daily interval trades around the upper extreme of the current balanced price range with potential shorting for rotational scenarios to the lower extreme. However, current calculations and the positive volatility keeps the market bullish for the current session.

The short-term perspective might consider targeting the swing highs for absorption purposes or hitting inventory to drive the market to higher prices. In contrast, market participants seemingly lean on the balance extremes of the current micro-rotational price range.

Short-term perspective keeps balanced behavior due to the mixed signs.

Looking at the VWAP perspective, the market still trades above the Quarter’s developing value while targeting the Year’s developing VWAP above the current month’s swing highs. 

Daily interval targeting the Year’s VWAP while pressured by shorting around the upper balance extreme.

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