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2/10/23 Russell Dip Buy Time

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

Image from Yahoo! Finance

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…

RUT Daily Candles – Chart via thinkorswim

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…

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

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