Market 06/23: Reversal after technical bounce

Market bounced back in yesterday's trading session with mega cap tech stocks carrying the market after the morning drop. Liquidity flow from institutions was surprisingly high after a series of downgrades and upgrades during the day, leading to a rally characterized as a “technical bounce” as both indices and most stocks in tech and media sectors rebounded after touching 10EMA on Daily timeframe. Meanwhile, small caps faced strong selling pressure throughout the morning as Powell testified on day 2, affirming determination to raise rates higher in the future. Additionally, VIX continued to decline, dropping to the 12s region for the first time since 01/2020.