News:
On Monday, markets opened the first full week of November with some caution.
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%
Technicals:
The S&P 500 is taking a breather. And it’s due for one.
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…
- The VIX declined during Monday’s session
- RSI levels are neutral
- The put-to-call ratio is oversold
Timing:
Just a short reminder. November is historically the best month of the year for stocks.
Watchlist:
*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
PBI support at $4
PINS support at $30
BRFS on watch