News:
Markets opened the new week with more gains on Monday.
Despite the onslaught of news to come … Bulls are winning day after day.
The indexes all closed green…
- Dow Jones +0.4%
- Nasdaq +0.2%
- S&P 500 +0.4%
- Russell 2000 +0.2%
Sector Round Up
10 of 11 sectors were positive at Monday’s close.
At the top…
- Consumer Staples (XLP) +1.0%
- Industrial (XLI) +1.0%
- Technology (XLK) +0.9%
The only loser…
- Communications (XLC) -0.8%
Under the surface, it appears that sellers were making some progress on Monday. Of all the listed stocks…
- 52% advanced
- 43% declined
Technicals:
The market is out of balance once again…
The S&P 500 closed at a new 52-week high.
But it’s back in overbought territory, a level that history tells us is unsustainable.
Your latest readout…
- The VIX is near 52-week lows
- RSI levels are all overbought
- The put-to-call ratio is neutral
Timing:
At 8:30, this morning, the latest headline inflation reading will drop in the form of the CPI report.
More cooling is widely expected.
Watch out for a “sell the news” situation. That is, even a super low level could be met with selling.
Watchlist:
*Low Float
^Open Position
*SSNT support at $10
*CHSN support at $7, resistance at $8.50
OPFI support at $4
ALXO support at $12
AAOI support at $18
GTHX support at $3, resistance at $18
APLT support at $3
ASPN support at $12, resistance at $13
PRCH support at $2
Secondary watchlist—float about 100 million
GPS on watch
NMRK support at $8.50
CLSK support at $9
^IOT support at $32.50, resistance at $35
AFRM support $40
S support at $22
LYFT support at $13