News:
Markets jumped to a higher at Thursday’s open but lacked conviction to maintain the gains.
Sellers pushed prices lower throughout the day and the indexes all closed lower for a second day…
- Dow Jones -0.7%
- Nasdaq -1.0%
- S&P 500 -0.9%
- Russell 2000 -1.4%
Sector Round Up
It was another day for the bears as all 11 sectors ended the day lower.
The smallest losers…
- Consumer Discretionary (XLY) -0.2%
- Consumer Staples (XLP) -0.4%
- Technology (XLK) -0.6%
At the bottom…
- Communications (XLC) -2.2%
- Materials (XLB) -1.5%
- Utilities (XLU) -1.4%
Notable Names
This morning shares of Lyft (LYFT) are down 33%, a loss of nearly $2 billion in market cap.
- Earnings showed an unexpected loss of 74 cents per share
- The losses happened despite strong ridership numbers
- The stock’s all-time low is $9.66 … at writing, it’s trading at $10.96
Futures are trading lower across the board this morning. Time to buy the dip?
Technicals:
The Russell 2000 is nearing support.
This could signal a turning point in this week’s selloff…
Today’s setup could provide opportunities for short-term trades. Consider buying into significant dips.
But if markets close at their lows, we wouldn’t hold over the weekend.
Little else to note this morning…
- The VIX downtrend remains intact
- RSI levels are all neutral
- The Put-to-Call Ratio is neutral
Timing:
The University of Michigan is set to release its latest Consumer Sentiment Survey at 10 AM today.
- Recent months have shown an increase in consumer confidence.
Watchlist:
*Low Float
^Open Position
*BBAI support at $4
*IVDA support at $1.8
BLBD support at $16
DMTK resistance at $6
BSGM support at $1.20
AVRO on watch
QNST support at $16
MANU support at $24
DSKE support at $8, resistance at $9
CBAY support at $8
CDTX support at $1.60
WFRD support at $57
VKTX support at $10
^AI support at $22
SLQT on watch
^SOUN support at $4
SONO support at $20
OI support at $20
NYT on watch
SPPI support at $1
KD support at $14
AMRN support at $2