11/20/23 Short Week, Big Earnings Ahead


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.

Image from Assimilation Systems

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.

SPY Daily Candles – Chart from thinkorswim

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…


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


*Low Float
^Open Position

*DRCT on watch
*SHOT on watch
*ITRM support at $1.35
*MYO resistance at $3.20
TOI support at $2.20, resistance at $2.50
^WRAP support at $3
RYTM support at $32, resistance at $34
ALKT support at $22

Seconard watchlist—float about 100 million

NMRK support at $7.50
BKD support at $4.75
GPS support at $15
support at $18

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