See charts below with an On Balance Volume indicator and the Money Flow indicator
This week I decided to focus on the SP500 in the U.S.
You may get bored of me repeating the same thing - we live, trade and invest in the present, not the Armageddon of the future that many believe is inevitable. Keeping that philosophy in mind you can see that there is a strong trend line supporting the price. The OBV also has a trend line and if you look closely you can see a slight (but small) bullish divergence between price and OBV volume at the right edge of the chart.
The more dynamic money flow is still trending down but is in over sold territory - the same it was during the Covid crash. It remains to be seen what happens to the above index, 4,000 points seems like a magnet and its not far away. In my opinion if it reaches that level the probability would be for a bounce, I notice some fundamental analysts are starting to call sectors of the market good value.
These market corrections can be very difficult psychologically, something I wrote extensively about in my book The Zen Trader (link below). Have a good week and try and keep a mind of interest and observation, not one of panic and despair.
All the best, Peter.
https://www.easysharetradingsystems.com.au/products-and-services/e-books