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.