On Monday, markets opened the final quarter of the year with mixed feelings.
The indexes settle mixed…
- Dow Jones -0.2%
- Nasdaq +0.7%
- S&P 500 +0.0%
- Russell 2000 -1.6%
The indexes closed well off their lows, giving bulls a reason to cheer.
Beneath the surface, it was ugly.
- 74% of listed stocks declined
- 22% advanced
Sector Round Up
Of the 11 sectors, only 3 closed in the green on Monday. Notably, the three “risk-on” sectors were the only sectors to close positive.
- Technology (XLK) +1.1%
- Communications (XLC) +0.8%
- Consumer Discretionary (XLY) +0.1%
At the bottom…
- Real Estate (XLRE) -1.8%
- Energy (XLE) -2.0%
- Utilities (XLU) -4.7%
“Safe” Sector Slump
The Utilities sector fell off a cliff on Monday.
At writing, utilities are trading below their 2020 crash lows.
Click Here to see exactly what’s causing the carnage.
Fear is still absent from the market.
During Monday’s session, The VIX popped but above 18. But ultimately, that level was rejected.
Your latest readout…
- RSI levels the Dow remains oversold … the rest are neutral, still
- The put-to-call ratio remained oversold
Much of our seasonal analysis is based on research and data from the Stock Trader’s Almanac.
Today, we’ll leave with a quote from their October Almanac page…
“October is a great time to buy.”
*IMMX support at $3.75
*FEMY on watch
*SHOT support at $1.40, resistance at $1.55
*GRPN support at $14
*HRTG support at $6
*GLBS support at $1.80
LFMD support at $5.50
GIII support at $24, resistance at $25
METC support at $10, resistance at $11
APLT support at $2.50, resistance at $2.80
TNGX support at $11
Secondary watchlist—float 100+ million
TAL support at $8