Friday was a wild ride, to say the least.
The jobs report showed a tighter labor market than expected. Stocks opened higher and climbed in the morning session. The major indexes rose about 2% in the first hour of trading.
As lunchtime approached, the momentum faded, and stocks turned red.
But buyers emerged in the final hours and pushed prices higher into the close. Each index closed near its high of the day…
- Dow Jones +1.3%
- Nasdaq +1.3%
- S&P 500 +1.4%
- Russell 2000 +1.1%
Sector Round Up
All 11 sectors ended Friday in the green.
The top performers…
- Materials (XLB) +3.5%
- Financials (XLF) +1.8%
- Technology (XLK) +1.8%
At the bottom…
- Healthcare (XLV) +0.6%
- Utilities (XLU) +0.6%
- Communications (XLC) +0.7%
Shares of Meta Platforms (META) are up 4% in premarket trading.
- Driving the move is “large-scale layoffs” scheduled to start this week, according to a Wall Street Journal exclusive.
- The stock price is still down about 75% from all-time highs
- The layoffs come on the back of Elon Musk’s massive house cleaning at Twitter. He laid off up to 3,700 employees on Friday.
Digital World (DWAC), which is set to merge with former President Trump’s Truth Social, is up 35% this morning.
- Trump told an Iowa crowd he would “very, very, very probably do it again” in 2024
- Several media reports have pointed to November 14th for a possible formal announcement.
- Despite the gains this morning, the stock is still down 77% from all-time highs.
The S&P 500 has found a level of rising support…
The line was drawn on Thursday and held true on Friday. This is bullish.
This morning futures are higher. Our other signal are bullish too…
- The VIX closed below 25 for the first time in two nearly months
- RSI levels are neutral
- The Put-to-Call Ratio is barely oversold
The market has a busy week in store…
- Tuesday is election day. Results could be out before the market opens on Wednesday
- The latest CPI inflation reading will drop Thursday morning.
And we’ve got an eye on the slew of earnings due out this week. Our top stocks to watch…
- Palantir (PLTR) reports today premarket
- Party City (PRTY) Tuesday premarket
- Walt Disney (DIS) after-hours Tuesday
- AMC (AMC) after-hours Tuesday
- Roblox (RBLX^) Wednesday premarket
- NIO (NIO) Thursday premarket
*HUDI on watch
*KLXE support at $14, resistance at $16
*^RELL resistance at $24
*NINE on watch
SLS resistance at $4, resistance at $5
ASC resistance at $14.20
^IMVT resistance at $11
NRDS support at $13
WNC resistance at $22
ELF on watch
PCVX resistance at $4
PARR resistance at $24
MGNX support at $5
CROX support at $80
KMPR on watch
JUPW resistance at $1.20
RYAM on watch
PODD on watch
VIST resistance at $14
OII resistance at $14
MCRB resistance at $9, support at $8
ELP support at $8
GILD support at $80