2/24/23 Finally Friday, We Found Support


The market’s short week turned out to be a wild ride.

Thursday wasn’t for the faint of heart either. Markets opened green, but sellers came out in force … Within 2 hours of opening, all the major indexes had fallen in the red.

With two hours until the closing bell, the markets turned green again and rallied into the close. 

The bulls notched a clear win…

  • Dow Jones +0.3%
  • Nasdaq +0.7%
  • S&P 500 +0.5%
  • Russell 2000 +0.7%

The market had a lot of news to digest…

Photo by Nijwam Swargiary on Unsplash
  • Q4 GDP was revised down to 2.7% vs the previous estimate of 2.9%
  • Weekly unemployment figures remained low and edged lower

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Sector Round Up

Looking at the sectors, you see the bulls had a stronger showing but failed to dominate…

At the top…

  • Technology (XLK) +1.7%
  • Energy (XLE) +1.5%
  • Real Estate (XLRE) +1.0%

At the bottom…

  • Communications (XLC) -0.5%
  • Utilities (XLU) -0.5%


After a breakout, it’s typical to see the market retest the former resistance to confirm support.

With that in mind, take a look a today’s chart…

SPY Daily Candles – Chart via thinkorswim

With the 50-day moving average (blue) above the 200-day (pink), this breakout is likely to be much strong and see a bigger follow-up than previous breakouts.

After reviewing our indicators…

We remain in a neutral stance.

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The Latest PCE inflation data is due out this morning. Wall Street will be watching with keen eyes.

Have a great Friday, and enjoy your weekend.

Your next update will be delivered Monday morning.

**This section has been edited from an earlier version**


*Low Float
^Open Position

*ATLXresistance at $20
*AMAMsupport at $4
*ADXN support at $1.60
SERA support at $3
TNK on watch
TMDX support at $70
RETA support at $50
AN support at $140
NRDS support at $18
QNST resistance at $18
MATV support at $27.50
CARS support at $18
VKTX support at $11
INDI support at $10
TDC support at $40
ACVA support at $11.50
SLQT support at $2
NEO support at $14
RELY support at $13
CSTM support at $16
MIR support at $9

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