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12/8/23 Let’s Talk About All-Time Highs

News:

Markets post gains on Thursday.

Image from SoundCloud

Stocks opened positive, climbed modestly through the day, and closed green across the board.

The indexes

  • Dow Jones +0.2%
  • Nasdaq +1.4%
  • S&P 500 +0.8%
  • Russell 2000 +0.9%

Sector Round Up

Most sectors followed the trend. 8 of 11 ended Thursday’s session with gains.

Risk-on sectors were the biggest gainers…

  • Communications (XLC) +2.1%
  • Technology (XLK) 1.2%
  • Consumer Discretionary (XLY) +0.8%

The losers…

  • Healthcare (XLV) -0.1%
  • Utilities (XLU) -0.2%
  • Energy (XLE) -0.7%

Technicals: 

The S&P 500, one of the best measures of the broader market, is just 5% away from all-time highs.

SPY Weekly Candles – Chart from thinkorswim

And it appears poised to break through some long-term resistance, which is marked on the chart above.

Now, +5% is unlikely in a day or 2. But if everything stays the same, it seems inevitable before the seasonal bull run ends in April.

Your latest readout…

Timing:

This morning at 8:30, the November jobs report drops.

This report always matters. In bull markets, bear markets, and high and low inflation, it is the one report that Wall Street always pays close attention to.

And you should watch the market’s reaction. You’ll get more info watching the reaction than you will reading the report.

Watchlist:

*Low Float
^Open Position

*DRCT support at $12
*CHSN on watch
*MYO support at $4, resistance at $4.50
HRTG support at $8, resistance at $9.50
AAOI support at $16
GTHX support at $3
ALT support at $6
PRCH support at $2

Secondary watchlist—float about 100 million

BLUE support at $4, resistance at $5
AGRO support at $12
NMRK support at $8, resistance at $8.50
CLSK support at $8
^IOT support at $32, resistance at $35
GPS on watch
AFRM support at $35, resistance at $40
S support at $22
LYFT support at $12, resistance at $13
SID support at $3.35

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