11/7/23 Prepare for Pullback


On Monday, markets opened the first full week of November with some caution.

Image from Orient Land Trust

The indexes opened green and closed green but made no significant moves.

  • Dow Jones +0.1%
  • Nasdaq +0.3%
  • S&P 500 +0.2%
  • Russell 2000 -1.3%

A look under the surface revealed little appetite for buying. Of all listed stocks…

  • 65% declined
  • 31% advanced

Sector Round Up

Of the 11 sectors, only 4 ended Monday’s session higher.

At the top…

  • Healthcare (XLV) +0.7%
  • Technology (XLK) +0.7%
  • Consumer Staples (XLP) +0.2%

At the bottom…

  • Materials (XLB) -0.5%
  • Energy (XLE) -1.1%
  • Real Estate (XLRE) -1.4%


The S&P 500 is taking a breather. And it’s due for one.

SPY Daily Candles – Chart from thinkorswim

Last week, it smashed through two import levels, and its 10-day RSI went from oversold to nearly overbought.

If the bull market is to continue (as we expect), then some sideways price action, and even a retest of the marked levels, is warranted.

Your latest readout…


Just a short reminder. November is historically the best month of the year for stocks.


*Low Float
^Open Position

*SHOT on watch
^WRAP support at $2.50
LPG resistance at $38
ATGE on watch
ALKT support at $50
SRRK support at $12, resistance at $13
BHVN support at $28

Seconard watchlist—float about 100 million

AUTL support at $3.50
support at $4
support at $30
BRFS on watch

Leave a Comment

Your email address will not be published. Required fields are marked *