Yesterday markets opened green and climbed throughout the day.
Volume was light, and it appeared that market makers took the opportunity to squeeze the markets higher.
All 4 indexes closed sharply higher. “Risk-on” stocks let the way…
- Dow Jones +1.0%
- Nasdaq +2.6%
- S&P 500 +1.7%
- Russell 2000 2.6%
The biggest news item of the day—Unemployment filings are inching higher. This week 225,000 new claims, up from 216,000 last week.
Sector Round Up
All 11 sectors ended Thursday in the green.
At the top…
- Communications (XLC) +2.8%
- Technology (XLK) +2.6%
- Consumer Discretionary (XLY) +2.6%
The only sectors to gain less than 1% were…
- Utilities (XLU) +0.7%
- Consumer Staples (XLP) +0.4%
If the markets are going to turn higher, this is where it will happen…
Buying at support offers some of the best risk-to-reward odds you can find. If the pattern breaks down, you can get out with small losses.
The current upside potential far outweighs the risk. We are long TQQQ to play this trend.
- The VIX is holding below the key level of 22.5
- RSI levels are all neutral
- The Put-to-Call Ratio remains oversold
2023 is now 1 trading day away.
4 of 7 days of the “Santa Rally” are in the books. At yesterday’s close, the S&P 500 is up 0.7%.
- The average return for the Santa rally is +1.3%
- It runs through January 4th
Your January Outlook
- January 2, Markets Closed—New Year’s Day Observation
- January 4, FOMC minutes
- January 6, Unemployment rate
- January 12, CPI inflation data
- January 13, Earnings season begins—Big banks (BAC, JPM, WFC) report
- January 16, Markets Closed—MLK Jr Day
- January 18, PPI inflation data
- January 19, Fed Survey
- January 26, Q4 GDP Advance Estimate
- January 31, FOMC meeting convenes—New rate due out February 1
Watch your inbox for your 2023 year outlook this weekend.
*KALAsupport at $20
*EVER support at $12
*NINE support at $12
PDSB on watch
CABA support at $7, resistance at $10
SMMT support at $4.50, resistance at $5.50
TERN support at $9
ORMP support at $11
ORIC support at $5, resistance at $6
ETNB support at $12
RNA support at $22
GLYC support at $2.50
^CROX support at $104
^PRQR support at $3
VKTX support at $6.70
WVE support at $5, resistance at $6.50
ALLK support at $8
CPRX support at $18
TGTX support at $10
ARDX support at $2
GOTU support at $2.50
WDH support at $3
IQ support at $5