News:
Markets slide lower on Tuesday, retreating from overbought conditions
The indexes posted modest losses…
- Dow Jones -0.2%
- Nasdaq -0.6%
- S&P 500 -0.2%
- Russell 2000 -1.3%
The FOMC minutes 2 PM drop and didn’t have any effect on the market.
- There was little new information in the release
- Wall Street remains convinced the rate hikes are over
Sector Round Up
The sectors barely budged. None move moved more than 1%—4 of the 11 sectors closed higher.
At the top…
- Healthcare (XLV) +0.6%
- Materials (XLB) +0.4%
At the bottom…
- Real Estate (XLRE) -0.5%
- Technology (XLK) -0.8%
In & Out
Sam Altman, the former CEO of ChatGPT parent OpenAI, is now slated to return to his position.
- The dramatic firing and rehiring is playing out in real-time
Changpeng Zhao, billionaire and CEO of Binance, the world’s largest crypto exchange, has stepped down.
- He also pleaded guilty to federal criminal charges related to money laundering
- Binance will pay about $4.3 billion in fines as part of the settlement
Technicals:
Yesterday’s selling was not accompanied by any fear. In fact, the VIX, which typically moves opposite of the markets, fell during Tuesday’s session.
This morning, the fear gauge appears ready to make new 52-week lows.
Your latest readout…
- RSI levels for the big three indexes remain overbought
- The put-to-call ratio is oversold
Timing:
The holiday break is just one trading session away.
After today’s close, markets won’t reopen until Friday, 11/24, for a shortened session.
Watchlist:
*Low Float
^Open Position
*DRCT on watch
*SHOT on watch
*ITRM support at $1.60
*OPFI on watch
*MYO resistance at $3.20
RYTM support at $32, resistance at $34
ALKT support at $22
CRESY support at $8.50
Secondary watchlist—float about 100 million
NMRK support at $7.50, resistance at $8
BKD support at $4.50
GPS on watch
KD support at $18
SID support at $3