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
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…
The critical level of 22.5 remains intact as bulls continue to show strength.
Not much to see in our other signals…
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
*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