1/10/23 In 2023 Bulls Lead 2-0


Monday morning, markets opened higher and climbed in the morning session. At their peak, the major indexes rose between 1-2%. 

But after lunchtime, buyer momentum faded and the markets closed near their lows.

The four major indexes ended the day mixed…

  • Dow Jones -0.3%
  • Nasdaq +0.6%
  • S&P 500 -0.1%
  • Russell 2000 +0.2%

Bulls ended with a slight advantage as 59% of stock advantages while 37% declined.

Sector Round Up

The sectors couldn’t agree either.

5 of the 11 sectors ended the day in the green.

At the top…

  • Technology (XLK) +1.2%
  • Materials (XLB) +0.7%
  • Utilities (XLU) +0.6%

At the bottom…

  • Healthcare (XLV) -1.7%
  • Consumer Staples (XLP) -1.0%
  • Industrials (XLI) -0.5%

Beat down stocks NVIDIA (NVDA) and Tesla (TSLA^) outperformed gaining 5% and 6% respectively.

Santa & Early Warning

Image from Dreamstime

Our early yearly indicators favor the bulls…

  • The Santa Rally delivered a gain of 0.8% for the S&P 500
  • The “Early Warning” ended at yesterday’s close with a gain of 1.4%

When these two signals end green the market goes on to a positive annual finish 90% of the time.


The VIX rose on Monday but not in an alarming way…

VIX Daily Candles – Chart via thinkorswim

The critical level of 22.5 remains intact as bulls continue to show strength.

Not much to see in our other signals


At 9 AM Fed Chair Powell is scheduled to speak at the International Symposium on Central Bank Independence in Sweden. The schedule has him listed as a “panelist.”

Looking ahead to the rest of the week…

  • Thursday, the latest inflation data is due out in the CPI report
  • Friday, earnings season begins with several big banks reporting premarket


*Low Float
^Open Position

*EBON support at $6
AEHR resistance at $27.50
RCON support at $1.30
EH support at $12
VRDN support at $30
WWE support at $80, resistance at $89.50
CNCE support at $7, resistance at $8
FULC resistance at $9.5, support at $9
ARHS on watch
^CROX support at $110
^PRQR support at $3
CTMX resistance at $3
RVNC on watch
HUYA support at $4.50, resistance at $5

Secondary watchlist, float 100+ million

IRDM support at $54
TGTX support at $10, resistance at $12
EXAS support at $55
BBWI support at $45
GERN resistance at 43
ROIV support at $8

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