News:
Markets opened the new week with some selling.
The indexes moved mostly sideways through the session.
The selling was limited and tame. 3 of the 4 indexes closed the day lower…
- Dow Jones -0.1%
- Nasdaq -0.8%
- S&P 500 -0.5%
- Russell 2000 +0.1%
Sector Round Up
4 of the 11 sectors closed Monday higher.
At the top…
- Real Estate (XLRE) +0.6%
- Healthcare (XLV) +0.2%
- Industrials (XLI) +0.2%
At the bottom…
- Communications (XLC) -1.0%
- Materials (XLB) -1.2%
- Technology (XLK) -1.2%
Technicals:
The overbought conditions began to subside during Monday’s session.
The chart below represents the Nasdaq 100…
Not only did yesterday’s selling alleviate the overbought RSI it also held support at a key level.
It’s the most bullish selling you’ll ever see.
Your latest readout…
- The VIX remains bullishly low
- RSI levels are most overbought but are coming down
- The put-to-call ratio is neutral
Timing:
Expect a slow week in the news cycle.
Next week there will be tons of new data for the market to digest.
Watchlist:
*Low Float
^Open Position
*DRCT support at $12.50
*SHOT support at $5
*MYO support at $3.50
HRTG support at $9
AAOI support at $16
HNST support at $2, resistance at $2.5
FL support at $28
Secondary watchlist—float about 100 million
BLUE support at $4
TALK support at $2
NMRK support at $8
CLSK support at $7
^IOT support at $30/32
GPS on watch
AFRM on watch
LYFT support at $12, resistance at $13
SID support at $3.20