11/2/23 No News is Good 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…

Image from Bankrate

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.

Image from VectorStock
  • The price peaked at $35,875
  • At writing, it’s trading near $35,275
  • We remain long Bitcoin and bullish on its future


The VIX’s uptrend has been broken…

VIX Daily Candles – Chart from thinkorswim

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…


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…


*Low Float
^Open Position

*GMM on watch
support at $2.20, resistance at $2.80
on watch
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

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