News:
Markets treaded water on Tuesday. Most of the price action was sideways.
The major indexes closed mixed and little changed.
- Dow Jones +0.3%
- Nasdaq -0.3%
- S&P 500 -0.1%
- Russell 2000 -0.3%
Near the opening bell, the NYSE experienced a major glitch that caused a host of “erroneous” trades.
It’s being called a “technical issue.”
Bulls paused their run to catch their breath.
Selling was limited.
Fear was non-existent.
Sector Round Up
6 of the 11 sectors closed the day green.
At the top…
- Industrials (XLI) +0.7%
- Utilities (XLU) +0.5%
At the bottom…
- Healthcare (XLV) -0.7%
- Energy (XLE) -0.4%
No sector gained or lost more than 0.75% on the day.
Technicals:
The VIX continues to trend lower.
It’s well below every critical level we’ve called out and continues to move near 52-week lows.
Simply put, the bulls are in control, and the market shows no signs of fear.
The bears did get a little aggressive yesterday…
- The Put-to-Call Ratio is now oversold
- RSI levels are all neutral
Timing:
With just five trading days remaining in January, we are closely monitoring the S&P 500’s monthly performance.
Per the Stock Trader’s Almanac, as goes January, so goes the year.
And 72% of the time, the market follows January’s direction.
So far this year…
- The Santa rally delivered positive results
- The early warning failed to trigger
A green end to the month will finish out the bullish trifecta. And give the market an 87% chance of finishing the year with gains.
At writing, the S&P 500 is up 4.6% since January 1.
Watchlist:
*Low Float
^Open Position
*APXC support at $3
*BWEN support at $5, resistance at $6
BYSI support at $2.50
SY on watch
VERA support at $8
^AEHR support at $30
SDRL resistance at $41
DPRO on watch
FLNC support at $22.50
LX support at $3.25, resistance at $3.50
PTGX support at $12
ZYME support at $9, resistance at $10
^CROX support at $120
AQMS support at $1.20, resistance at $1.60
CBAY support at $7
TOUR resistance at $2.50
SUMO on watch
TGTX support at $14
ARDX support at $3
AMLI support at $3.30