News:
Markets opened near flat on Wednesday with marginal gains.
Price action was mostly sideways through the morning—the bulls had a stronger than the bears.
In the afternoon, the Fed announced unchanged interest rates, and Powell talked but said little new…
At 3 p.m., the dust settled, and prices rose higher.
The indexes closed at their session highs again…
- Dow Jones +0.7%
- Nasdaq +1.7%
- S&P 500 +1.1%
- Russell 2000 +0.5%
Sector Round Up
9 of the 11 sectors were green.
Risk-on stocks were at the top…
- Technology (XLK) +1.9%
- Communications (XLC) +1.5%
- Consumer Discretionary (XLY) +1.2%
The losers…
- Consumer Staples (XLP) -0.1%
- Energy (XLE) -0.2%
Bitcoin^ joined in the rally also.
The price soared past $35,000 to make new 52-week highs.
- The price peaked at $35,875
- At writing, it’s trading near $35,275
- We remain long Bitcoin and bullish on its future
Technicals:
The VIX’s uptrend has been broken…
The VIX’s failure to maintain above 20 tells us the bears have given up and are out of steam … for now.
We’ve established full-size seasonal swing positions in the S&P 500, Nasdaq, and Russell 2000.
Your latest readout…
- RSI levels are neutral
- The put-to-call ratio returned to neutral
Timing:
November’s strong opening tells us things are as they should be. Expect bullish price action from the bullish time of year.
Up next are two announcements about the labor market…
- Today, weekly unemployment filings drop at 8:30
- Friday, the latest Jobs Report
Watchlist:
*Low Float
^Open Position
*GMM on watch
WRAPsupport at $2.20, resistance at $2.80
ATGE on watch
METC support at $12
SRRK support at $12
EPAC support at $28, resistance at $29
BHVN support at $28
POWW support at $2
LOGI support at $78
PINS resistance at $30