News:
On Friday, markets took back all of Thursday’s losses and then some.
Every major index ended the session solidly green…
- Dow Jones +1.2%
- Nasdaq +2.1%
- S&P 500 +1.6%
- Russell 2000 +1.1%
The Wall Street Journal wrote, “FOMO in the stock market is back.”
Sector Round Up
All 11 sectors ended Friday’s session higher.
Leading the charge was the risk-on stocks…
- Technology (XLK) +2.6%
- Consumer Discretionary (XLY) +1.7%
- Communications (XLC) +1.6%
At the bottom…
- Consumer Staples (XLP) +0.7%
- Healthcare (XLV) +0.6%
- Utilities (XLU) +0.5%
Technicals:
The S&P 500 is attempting to break out of the descending wedge pattern that formed over the past several months…
Bulls certainly have the wind at their backs. Every support level is holding, and every bearish trend is being broken.
Your latest readout…
- The VIX is near 52-week lows
- RSI levels are neutral
- The put-to-call ratio is oversold
Timing:
Markets will be digesting some news this week.
This week is also the last full trading week of November.
- CPI report drops Tuesday
- PPI report drops Wednesday
- Options Expiration is Friday
Earnings continue this week, with retail sales taking center stage…
- Home Depot (HD) reports Tuesday pre-market
- Target (TGT) Wednesday pre-market
- TJ Maxx parent (TJX) Wednesday pre-market
- Alibaba (BABA) Thursday pre-market
Watchlist:
*Low Float
^Open Position
*DRCT support at $3.50, resistance at $4
*SHOT support at $1.60
TOI support at $2
^WRAP support at $2.50 / 2.75
DUOL on watch
TAST support at $7.50
METC on watch
ALKT support at $20, resistance at $22
TLS support at $3.50
Seconard watchlist—float about 100 million
ROVR support at $8
KD support at $17
PINS support at $30