Markets opened slightly green on Tuesday, and FOMO-driven buying sent stocks higher through the morning.
The peak was at lunchtime, and then came the fade…
The indexes settled green and about halfway between the session high and lows…
- Dow Jones +0.4%
- Nasdaq +0.6%
- S&P 500 +0.5%
- Russell 2000 +1.1%
Sector Round Up
All 11 sectors were green at the close for the second day in a row.
At the top…
- Utilities (XLU) +1.4%
- Consumer Discretionary (XLY) +1.1%
- Materials (XLB) +1.1%
Bringing up the rear…
- Real Estate (XLRE) +0.4%
- Technology (XLK) +0.2%
- Energy (XLE) +0.1%
Today, all eyes are on the scheduled afternoon news drop—more on that in the “Timing” section below.
The most important levels in the VIX, aka the “fear gauge,” are 16 and 18.
Right now, it’s stuck between the two…
Just don’t expect it to stay here for long.
We anticipate a breakdown below 16 in the coming weeks. Maybe sooner.
Your latest readout…
Today at 2 PM, the minutes from the latest FOMC meeting are scheduled to drop.
Expect muted price action before and a strong reaction in the aftermath.
We offer two pieces of advice…
- Watch the market’s reaction and ignore the news
- Never trust the first move
Secondary watchlist—float 100+ million
LAAC support at $7
^TAL support at $9, resistance at $10