10/3/23 Off With a Bang—Q4!


On Monday, markets opened the final quarter of the year with mixed feelings.

Image from Adobe

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.

The winners…

  • 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.

XLU Weekly Candles – Chart by thinkorswim

Click Here to see exactly what’s causing the carnage.


Fear is still absent from the market.

VIX Daily Candles – Chart by thinkorswim

During Monday’s session, The VIX popped but above 18. But ultimately, that level was rejected.

Your latest readout…


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.”


*Low Float
^Open Position

*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

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