Markets soared during Thursday’s session. A whopping 82% of all listed stocks closed the day with gains.
Table from Finviz
The indexes closed at their session highs, yet again…
- Dow Jones +1.7%
- Nasdaq +1.8%
- S&P 500 +1.9%
- Russell 2000 +2.7%
The gains come on the heels of the latest FOMC decision. The Fed is being extra cautious, and the market’s betting that rate hikes are over.
Sector Round Up
All 11 sectors closed green with gains exceeding 1%.
At the top…
- Real Estate (XLRE) +3.1%
- Energy (XLE) +3.0%
- Consumer Discretionary (XLY) +2.6%
Bringing up the rear…
- Healthcare (XLV) +1.6%
- Communications (XLC) +1.3%
- Consumer Staples (XLP) +1.3%
It was easy to find winners on Wall Street. Big winners were common, too.
Several household names posted outsize returns after reporting earnings or releasing preliminary results. Those include…
- Beyond Meat (BYND) +18%
- Roku (ROKU) +31%
- DoorDash (DASH) +16%
- Shopify (SHOP) +22%
- Palantir (PLTR^) +20%
Yesterday’s rally confirmed our theory. The market wants higher prices.
The S&P 500’s chart tells the story…
The marked area of support held up exactly as expected … and at the exact time the market loves to bottom.
Everything we see reads bullish.
Your latest readout…
At 8:30, before the market opens today, the latest Jobs Report is scheduled to drop.
Expect the market to react. How strong that reaction will be is anyone’s guess.
Seconard watchlist—float about 100 million
AUTL resistance at $3.40
PBI resistance at $4
PINS resistance at $30