Markets ended last week on a positive note.
The major indexes closed higher, but not by much…
- Dow Jones +0.0%
- Nasdaq +0.1%
- S&P 500 +0.1%
- Russell 2000 +1.4%
There was no major news to digest, and the market had nothing new to price in.
Sector Round Up
6 of the 11 sectors posted gains on Friday.
At the top…
- Energy (XLE) +2.1%
- Consumer discretionary (XLY) +0.7%
- Industrials (XLI) +0.6%
At the bottom…
- Consumer Staples (XLP) -0.1%
- Healthcare (XLV) -0.2%
- Technology (XLK) -0.2%
The S&P 500 is flirting with an important level.
4,500 or 450 on the SPY chart below has shown itself to contain much resistance this year.
The overbought RSI conditions lead us to suspect its current hold above the level will be short-lived.
Markets seek balance, and the market isn’t in a good spot to keep climbing.
Watch for at least a short-term pullback soon.
Your latest readout…
- The VIX remains near 52-week lows
- RSI levels for the big three indexes remain overbought
- The put-to-call ratio is neutral
Markets are kicking off a short week today.
- Wednesday afternoon, just before the holiday, the FOMC minutes drop
- Thursday Markets are closed for the Thanksgiving holiday
- Friday is a shortened session—the market will close at 1 PM
Some earnings continue to pour in ahead of the holiday.
- Zoom Video (ZM) reports after the close today
- Kohl’s (KSS) Tuesday pre-market
- Lowe’s (LOW^) Tuesday pre-market
- Dick’s (DKS) Tuesday pre-market
- Nvidia (NVDA) after-hours Tuesday
Seconard watchlist—float about 100 million
NMRK support at $7.50
BKD support at $4.75
GPS support at $15
KD support at $18