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11/24/23 Short Session

News:

On Wednesday markets posted another day of gains ahead of the Thanksgiving Holiday.

The indexes closed higher across the board…

  • Dow Jones +0.5%
  • Nasdaq +0.5%
  • S&P 500 +0.4%
  • Russell 2000 +0.7%
Image from Pink the Cat

Today the opening bell rings at its usual time of 9:30 AM Eastern. 

The closing bell will go off early at 1 PM.

Sector Round Up

The sectors failed to produce gains (or losses) of more than 1% for a second day in a row on Wednesday. 

10 of the 11 sectors closed higher.

At the top…

  • Communications (XLC) +0.8%
  • Consumer Staples (XLP) +0.7%
  • Utilities (XLU) +0.5%

The lone loser…

  • Energy (XLE) -0.1%

Technicals: 

Oil pricing are falling and Energy stocks are a critical level….

XLE Daily Candles – Chart from thinkorswim

Americans are seeing lower prices at the pumps. And OPEC just delayed a weekend meeting to discuss supply cuts.

Lower evergy prices will help reign in inflation and increase corporate profits for everyone except the energy sector.

The chart suggest further downside for Energy stocks may be limited.

Your latest readout…

Timing:

After today’s shortened session and the weekend markets will return for the final trading days of November.

But the bulls have nothing to fear, December is traditionally one of the best months for stock. More on that next week…

Watchlist:

*Low Float
^Open Position

*DRCT support at $7
*SHOT support at $3
*ITRM support at $1.80
*MYO support 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
AUTL support at $4, resistance at $4.50
BKD support at $4.50
GPS on watch
KD
support at $18
SID support at $3

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