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12/29/23 The Biggest Winner of 2023

News:

On Thursday, stocks mainly moved sideways, holding on to recent gains ahead of the new year.

The indexes closed mixed, without significant change…

  • Dow Jones +0.1%
  • Nasdaq -0.0%
  • S&P 500 +0.0%
  • Russell 2000 -0.4%

The S&P 500 gained about 2 points—leaving the index just 13 points away from a new all-time high close.

Image from BoardEffect

With the indexes all sitting on double-digit year-to-date gains, no one wants to incur a tax bill before the year’s close.

Sector Round Up

8 of the 11 sectors finished higher.

At the top…

  • Utilities (XLU) +0.7%
  • Real Estate (XLRE) +0.6%
  • Healthcare (XLV) +0.3%

The losers…

  • Materials (XLB) -0.4%
  • Consumer Discretionary (XLY) -0.5%
  • Energy (XLE) -1.5%

Technicals: 

The year’s biggest winner is currently the Nasdaq.

The index, which tracks the most stocks than any of the big 4, gained a whopping 44% as of Thursday’s close.

^IXIC Daily Candles – Chart from yahoo! finance

Buying forces continue to overpower overbought conditions.

We expect a peaceful close to the year.

Your latest readout…

Timing:

Today is the final trading session of 2023.

Your complete 2024 outlook will be delivered on January 1.

Your January calendar will come out on Jan 2nd before the market opens.

Watchlist:

*Low Float
^Open Position

*IMMX support at $6.50, resistance at $7.50
*PTN support at $3.50, resistance at $4
*MIGI support at $3.50
*OPFI support at $5
*PLSE support at $12, resistance at $13
*SHFS support at $1.20
OUST support at $8
EWTX support at $11
NKTX support at $5
FUSN on watch
ALT support at $10
ARBK resistance at $3.50
LQDA support at $12
BKKT support at $2.25
PRCH support at $3, resistance at $3.50

Secondary watchlist—float about 100 million

ESPR support at $2.50
RKT
support at $15
NMRK support at $10.50
AUTL on watch
CLSK support at $12

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