10/25/23 Turning Tides


Markets moved higher on Tuesday after skirting oversold conditions on Monday.

SPY Daily Candles – Chart from thinkorswim

The indexes opened green and stayed in positive territory all day. Then closed with modest gains…

  • Dow Jones +0.6%
  • Nasdaq +0.9%
  • S&P 500 +0.7%
  • Russell 2000 +0.8%

The positive close broke 4-day and 5-day losing streaks for the Dow Jones and S&P 500, respectively.

Sector Round Up

10 of the 11 sectors closed with gains.

At the top…

  • Utilities (XLU) +2.6%
  • Real Estate (XLRE) +1.3%
  • Materials (XLB) +1.1%

The loser…

  • Energy (XLE) -1.4%

Notable Names

Earnings season is delivering a lot of winners so far.

Several household names posted solid gains after reporting earnings on Monday evening and Tuesday morning. Here are the highlights…

Images from Dell & Yahoo!
  • Logitech (LOGI) +13%
  • Verizon (VZ) +9%
  • General Electric (GE) +7%
  • 3M (MMM) +5%
  • Coca-Cola (KO) +3%


We’re keeping close tabs on the market’s fear gauge this morning.

VIX Daily Candles – Chart from thinkorswim

The VIX is hovering just below 20 after closing above the critical level two times in a row.

You can also see an ascending channel that’s formed since the Isreal-Hamas conflict began.

A break below 18 could tip the scales back in favor of the bulls. Above 20 favors the bears.

Your latest readout…


Earnings season continues today. 

We’ll be watching how the markets digest the latest releases and changing guidance.


METC support at $11
EPAC support at $28
PGTI support at $30
MREO resistance at $1.80
LOGI on watch

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