News:
On Tuesday, markets opened marginally red.
Buyers pounced and sent prices higher through the session, leading the main three indexes to another positive close.
The Nasdaq and S&P 500 are now on their longest winning streak since November 2021.
- Dow Jones +0.2%
- Nasdaq +0.9%
- S&P 500 +0.3%
- Russell 2000 -0.3%
Under the surface, the mood was neutral. Of all listed stocks…
- 46% advanced
- 50% declined
Sector Round Up
5 of the 11 sectors ended Tuesday’s session higher.
Risk-on sectors finished at the top…
- Consumer Discretionary (XLY) +1.1%
- Technology (XLK) +1.1%
- Communications (XLC) +0.5%
At the bottom…
- Real Estate (XLRE) -0.8%
- Materials (XLB) -1.9%
- Energy (XLE) -2.2%
Technicals:
Fear remains absent from the market.
The VIX spent the last 3 trading sessions below 16, a level only seen during strong bull markets.
At this point, there is nothing out there that would prevent a strong Q4 that will continue into Q1 of 2024.
Your latest readout…
- RSI levels are neutral
- The put-to-call ratio is neutral
Timing:
The 2023 election season is now in the past. And it had little effect on the markets this year.
The 2024 Presidential election is now just 362 days away.
- Election years tend to be boring years for the market
- There is a bullish tilt when an incumbent President is up for reelection
Watchlist:
*Low Float
^Open Position
*SHOT resistance at $1.6
*SKWD support at $29.50
^WRAP support at $2.50 / 2.75
ATGE support at $54
ALKT support at $20
SRRK support at $12, resistance at $13
BHVN support at $28
Seconard watchlist—float about 100 million
ROVR support at $7
PINS support at $30
BRFS on watch