News:
Stocks were mostly higher after Friday’s short session.
The indexes closed mixed and near flat…
- Dow Jones +0.3%
- Nasdaq -0.1%
- S&P 500 +0.1%
- Russell 2000 +0.7%
Sector Round Up
The sectors failed to produce gains (or losses) of more than 1% for a third day in a row.
9 of the 11 sectors closed higher.
At the top…
- Healthcare (XLV) +0.5%
- Materials (XLB) +0.4%
- Energy (XLE) +0.4%
The losers…
- Communications (XLC) -0.3%
- Technology (XLK) -0.4%
Technicals:
The S&P 500 is flirting with 52-week highs. But overbought conditions are still threatening the rally…
We fully expect the market to move higher over the next several months. But the overbought conditions tell us the market is out of balance.
Watch for a pullback in the short term.
Your latest readout…
- The VIX made a new 52-week low on Friday
- RSI levels for the big three indexes remain overbought
- The put-to-call ratio is oversold
Timing:
Just four trading days remain in November. The market will be watching two key reports this week.
- Wednesday, revised Q3 GDP data drops
- Thursday, the PCE inflation is due out
Watchlist:
*Low Float
^Open Position
*DRCT support at $7
*GYRE support at $16
*SHOT support at $3
*ITRM support at $1.80
*MYO support at $3.20
RYTM support at $34
ALKT support at $22
Secondary watchlist—float about 100 million
NMRK support at $7.50, resistance at $8
AUTL support at $4.50
BKD support at $4.50
GPS on watch
KD support at $18
SID support at $3