News:
Markets opened the final full week of trading in November on a flat note.
The major indexes ended the session mixed and near flat…
- Dow Jones +0.2%
- Nasdaq -0.2%
- S&P 500 -0.1%
- Russell 2000 +0.0%
Sector Round Up
The sectors generally reflected the indexes. 5 of the 11 ended Monday’s session higher.
At the top…
- Energy (XLE) +0.7%
- Healthcare (XLV) +0.6%
At the bottom…
- Real Estate (XLRE) -0.9%
- Utilities (XLU) -1.2%
Technicals:
The riskiest stocks in the market, small caps, are trying to establish a bottom.
The Russell 2000 has flirted with a long-term support level over the past two sessions and both days managed to close above it.
We see a possible inverse head-and-should pattern forming.
At this point, there is no case for the bears.
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 paying close attention to the CPI inflation report that is set to drop at 8:30 this morning.
Headlines will try to sensationalize the data.
As always…
- Never trust the first move
- The market’s reaction should trump anything the numbers appear to say
Watchlist:
*Low Float
^Open Position
*DRCT support at $4
*SHOT support at $1.80
TOI support at $2.25
^WRAP support at 2.75, resistance at $3
DUOL on watch
TAST support at $7.50
METC on watch
ALKT support at $20, resistance at $22
TLS support at $3.50, resistance at $4
Seconard watchlist—float about 100 million
KD support at $17
PINS support at $30