Welcome to the final trading days of January.
On Friday, markets opened near flat and chopped around during the morning session.
By mid-afternoon, stocks were mostly higher but faded in the final hour of trading. The bulls held on to claim victory before heading into the weekend.
- Dow Jones +0.1%
- Nasdaq +0-9%
- S&P 500 +0.2%
- Russell 2000 +0.4%
Once again, the Nasdaq led. The star of the day was Tesla (TSLA^) again, which surged another 11% after announcing solid earnings on Wednesday.
Bears made a showing. 53% of stock finished higher. 43% declined.
Sector Round Up
The sectors were split. Of the 11 sectors, 5 ended the day higher, 4 lower, and 2 flat.
At the top…
- Consumer Discretionary (XLY) +2.3%
- Real Estate (XLRE) +0.9%
- Communications (XLC) +0.7%
At the bottom…
- Energy (XLE) -2.0%
- Healthcare (XLV) -0.7%
Shares of American Express (AXP) surged 11% on Friday after reporting blow-out earnings.
- The company’s revenue increased 17% year-over-year
- Shareholders will see a 15% increase in dividend payout
- Management projected another 17% revenue growth over the next year
- During the call, the CEO said, Our ”premium customer base … right now, is spending”
Bitcoin’s^ rally continued over the weekend. It peaked at $23,900 Sunday afternoon. That’s an increase of 53% from November’s low.
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A lower VIX favors the bulls. And the VIX made a new 52-week low on Friday.
Greed is driving the market right now. Buyers are firmly in control.
We are watching for a short-term slowdown. But right now, there’s no sign of one coming…
- The Put-to-Call Ratio is neutral
- RSI levels are all mostly neutral … the Nasdaq is overbought
We’ve got a busy week in store..
Here are the highlights…
Wednesday afternoon, The Fed will announce the latest interest rate.
- The market wants to see a 0.25% increase, no more
Thursday, after the closing bell, a slew of big tech earnings drop simultaneously.
Here are the names we’ll be watching…
- Amazon (AMZN)
- Apple (AAPL)
- Alphabet (GOOG, GOOGL)
On Friday, the latest jobs report comes out premarket.
The January Barometer remains positive…
- At writing, the S&P 500 is up 6.0% since January 1.
*CUEN support at $1
*APXC on watch
*BWEN support at $5, resistance at $6
SY on watch
^AEHR support at $30
CABA resistance at $12
BOOT support at $76
SDRL support at $41
LX support at $3.25, resistance at $3.50
PTGX support at $13
TBBK support at $32
APLD support at $2
^CROX support at $120
BZFD on watch
CBAY support at $7
TOUR support at $2.50
SUMO on watch
TGTX support at $14
WB support at $22.40
AMLI support at $3.30
TUYA support at $2.75