Markets slipped generally lower as the final trading week of 2022 began.
- Dow Jones +0.1%
- Nasdaq -1.4%
- S&P 500 -0.4%
- Russell 2000 -0.6%
Sector Round Up
The sectors were mixed as well. 5 of 11 sectors ended Tuesday higher.
At the top…
- Energy (XLE) +1.1%
- Utilities (XLU) +0.6%
At the bottom…
- Consumer Discretionary (XLY) -1.6%
- Technology (XLK) -1.0%
- Communications (XLC) -0.9%
The remaining sectors ended the day within 0.5% of the previous day’s close.
Chinese stocks rose after the country announced plans to ditch quarantine requirements and downgrade its response to the ongoing Covid-19 pandemic.
- Alibaba (BABA) +5%
- JD.com (JD) +4%
Telsa (TSLA^) stock fell to new 2+ year lows. The stock declined 11% intraday and another 4% after hours.
- Rumors of shutdowns at its Shanghai plant are the latest bearish catalyst
Apple (AAPL) fell a little more than 1% to its lowest level in 52 weeks.
- An analyst from JP Morgan warned that supply chain issues could hurt the production of the iPhone 14.
It’s called consolidation…
While the S&P 500’s overall trend points downward, the consolation (circled) is giving bulls hope.
The timing and technicals have put the wind at the bull’s back. Now we wait and see what happens.
This morning futures are higher, and…
2023 is now 3 trading days away.
2 of 7 days of the “Santa Rally” are in the books. At yesterday’s close, the S&P 500 is up 0.2%
- The average return for the Santa rally is +1.3%
- It runs through January 4th
*EVER support at $12
*NINE on watch
CABA support at $7
TERN support at $8, resistance at $9
ORMP support at $10
ORIC support at $5
YQ support at $2
ETNB support at $10
^CROX support at $100
^PRQR on watch
VKTX on watch
WVE support at $5, resistance at $6.50
HUYA support at $4
CPRX support at $18
ARDX support at $2
GOTU on watch