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12/27/23 Higher Still

News:

On Tuesday, markets welcomed the year’s final week of trading with continued buying.

From Getty Images

The indexes posted another day of solid gains…

  • Dow Jones +0.4%
  • Nasdaq +0.5%
  • S&P 500 +0.4%
  • Russell 2000 +1.2%

Sector Round Up

All the 11 sectors ended Tuesday in the green. All the gains were tame.

At the top…

  • Energy (XLE) +0.9%
  • Real Estate (XLRE) +0.7%
  • Industrials (XLI) +0.7%

At the bottom…

  • Financials (XLF) +0.4%
  • Communications (XLC) +0.4%
  • Healthcare (XLV) +0.2%

Technicals: 

The S&P 500 closed just 22 points or 0.5% below its all-time high on Tuesday…

SPY Weekly Candles – Chart from thinkorswim

Our outlook remains bullish as we enter day three of the “Santa Rally.” And new all-time highs appear to be a given.

Your latest readout…

Timing:

The “Santa Rally” lasts 7 days. Today is day 3.

So far, the S&P 500 is up about +0.6%. The average return is +1.3%.

Watchlist:

*Low Float
^Open Position

*IMMX support at $6.50, resistance at $7.50
*MIGI resistance at $3
*ANY support at $3
*OPFI support at $4.50
*PLSE support at $12, resistance at $13
*SHFS support at $1.20
OUST support at $8
CRGX support at $20
NKTX support at $5
FUSN on watch
CENX support at $12, resistance at $13
ALT on watch
ARBK resistance at $3.50
^CIFR resistance at $5
LQDA support at $10, resistance at $11
GLYC support at $2.50
ABSI on watch
ASPN on watch
PRCH support at $3

Secondary watchlist—float about 100 million

ESPR support at $2.40
RKT
resistance at $15
NMRK support at $10
AUTL on watch

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