The market posted modest losses on Monday.
- Dow Jones -0.4%
- Nasdaq -1.0%
- S&P 500 -0.7%
- Russell 2000 -0.0%
The Dow Jones ended October up 14%, its best month since 1976.
Monday’s decline was likely just a pullback from overbought conditions.
Sector Round Up
10 of 11 sectors ended lower on Monday.
The lone winner…
- Energy (XLE) +0.8%
At the bottom…
- Communications (XLC) -1.7%
- Technology (XLK) -1.3%
- Utilities (XLU) -0.9%
Around The Globe
In China, the official manufacturing Purchasing Managers Index (PMI) reading was below 50, indicating a contraction.
- Multiple contractions equal a recession.
- This reading plays into global slowdown fears.
Inflation in the EU reached a record high of 10.7%.
- This is the highest reading on record.
It’s been a little while since we checked in on the VIX. So here’s the chart…
You can see a clear break from the uptrend; the decline is slow and steady … A lower VIX favors the bulls.
Other signals remain generally bullish…
- RSI levels 3 of 4 are neutral, 1 is overbought
- The Put-to-Call Ratio is neutral
Your November Outlook—
- Nov 2, FOMC Meeting concludes, 0.75% rate hike expected
- Nov 4, jobs report, latest unemployment figure
- Nov 10, CPI headline inflation data
- Nov 11, Veteran’s Day, markets open, UMich Consumer Sentiment survey
- Nov 23, FOMC minutes
- Nov 24, Thanksgiving Day, markets closed
- Nov 25. Black Friday, shortened trading day
- Nov 30, Final Q3 GDP
*COEP on watch
*KLXE support at $15
*^RELL resistance at $24
*NINE support at $5, resistance at $6
SLS resistance at $4
IMRA support at $4, resistance at $4.60
ATNM on watch
AEHR support at $20, resistance at $22
PI support at $100
ASC support at $12
ETNB support at $9
NUVL on watch
^IMVT support $11
WNC on watch
PCVX support at $42
ZYME resistance at $8
PARR support at $20 or $21
KULR support at $2
VIST support at $12.50
OII resistance at $13.50
HLIT support at $15
MCRB on watch
HLX on watch
ROL support at $39
GILD on watch