Humble opinion: Market has bottomed

The darkest of night usually felt the longest, yet daylight is just moment away.

Chart pattern for S&P 500 and Nasdaq 100 now look almost like they were at the peak of the 2008 crash. Back then, when the bottom was reached, it staggered up a little with volatility then down again, at which point the entire investing world was sure the world was doomed. It is the same now, and the investing world feels exactly the same just like they did during the peak of 2008 crash. In reality back then, it got near the low, but never got lower, then it recovered, and for months of upside, no one believed in that recovery until it was so obvious there could not be counter-argument anymore.

Hint of a bottom can be seen in the stock market heat map (Finviz has a good one). It is obvious that free falling TSLA is leading to margin calls and selling elsewhere, notably tech tickers. Elsewhere in the market, no major price action is being seen. There is a limit how much more TSLA can fall, and the way I visualize it, TSLA heat map will become smaller if it continues to fall, and the smaller (cap) TSLA will be, the less “infectious” it will be to other tech tickers. Some time later, the chain reaction would stop. Elsewhere in the market, free falling had already stopped.

We are at peak fear. 6 months or even 1 year ago, China's reopening would have ushered a massive rally. Today, everyone ignores this very major news, and there is only panic albeit limited to tech tickers. It is my humble opinion that the bottom is in. The light is at the end of the tunnel. Good luck everyone and may 2023 be a great year.