News:
On Thursday, markets opened near flat and closed near flat.
Most of the session was spent in the red, but markets closed well off their lows.
These are what long “bottom-shadow” candles like close up…
Investors oozed caution ahead of today’s jobs report.
The indexes settled near their session highs but were still mostly red.
- Dow Jones -0.0%
- Nasdaq -0.1%
- S&P 500 -0.1%
- Russell 2000 +0.1%
Sector Round Up
4 of the 11 sectors managed a green close on Thursday..
At the top…
- Real Estate (XLRE) +0.7%
- Healthcare (XLV) +0.6%
- Financials (XLF) +0.5%
At the bottom…
- Energy (XLE) -0.6%
- Materials (XLB) -1.2%
- Consumer Staples (XLP) -2.0%
Technicals:
With markets, anything *CAN* happen.
But history still tends to be a pretty good guide for what actually will happen…
The S&P 500, one of the best measures of the broader market, looks more and more like it’s ready to turn.
It’s consolidating at a key support level. And it’s coming off oversold conditions.
A setup this pretty is rare.
We’re adding to our seasonal swing positions as all our signals suggest the bottom is in.
Your latest readout…
- The VIX is holding below 20
- RSI levels remain split…
- The Dow and Russell 2000 are oversold
- The Nasdaq and S&P 500 are neutral
- The put-to-call ratio is back to regular oversold
Timing:
Today, all eyes will focus on the jobs report, which is due out at 8:30 this morning.
Watch the market’s reaction. And never trust the first move.
Watchlist:
*Low Float
^Open Position
*IMMX support at $3.75
*GRPN support at $14
^*GLBS on watch
LFMD support at $6
TNGX support at $11.50
MRTX support at $55
Secondary watchlist—float 100+ million
TAL support at $8.50