News:
Markets opened the new week on a positive note.
At the open on Monday, the major indexes were up more than 1% each. But as the day went on, the momentum faded.
Markets trended lower throughout the day but managed to hold on to some gains and close green across the board…
- Dow Jones +0.2%
- Nasdaq +0.6%
- S&P 500 +0.3%
- Russell 2000 +0.3%
Sector Round Up
Monday certainly leaned toward the bulls. But the bear managed a decent showing dragging 4 of 11 sectors down into negative territory before the closing bell.
At the top…
- Consumer Discretionary (XLY) -1.6%
- Industrials (XLI) +0.9%
- Technology (XLK) +0.5%
At the bottom
- Healthcare (XLV) -0.3%
- Utilities (XLU) -0.7%
Notable Names
Shares of rail company Union Pacific (UNP) jumped 10% after announcing a change in leadership.
- Railways have been under intense scrutiny since the East Palestine disaster.
- Advocates of the change asked for the former, 64-year-old, CEO to retake the reins
- Buyers added nearly $12 billion in market cap
Meme stock AMC (AMC^) gained 23% during yesterday’s session.
- The courts may delay a share conversion, staving off the risk of dilution
- About 23% of outstanding shares were sold short at the last report on 1/31/23
- The upward surge was likely a short squeeze
Technicals:
One notable aspect of Monday’s session…
The price actions’ highly-visible interaction with the 50 & 200-day moving averages…
Since the “golden cross,” the S&P 500 has found the moving averages as strong support and light resistance.
As much as we’ve tried to flip, at this point, we can’t.
Our outlook remains positive. We are bullish.
The figures…
- The VIX is, thus far, holding new lows
- RSI levels are all neutral
- The Put-to-Call Ratio remains oversold … that’s six days now
Timing:
Tomorrow we welcome March and the final month of Q1 2023.
Here are the highlights for your calendar…
- 3/10 Jobs report
- 3/14 CPI Inflation data
- 3/15 PPI Inflation data
- 3/17 St Patty’s Day & The First Triple Witching of the Year
- 3/22 FOMC meeting concludes with a new interest rate
- 3/31 PCE Inflation data
Watchlist:
*Low Float
^Open Position
*AMAMsupport at $4
*ADXN support at $2
RCEL on watch
SERA support at $3.60
TNK on watch
TMDX support at $70
NRDS support at $18, resistance at $20
MAX support at $15
QNST resistance at $18
OPRA support at $8, resistance at $9
INDI support at $10
XPRO support at $22
TDC support at $40
ACVA support at $11.50
SLQT support at $2
ZETA support at $10
NEO support at $14
NGL support at $3
RELY support at $13
MIR support at $9
NAT support at $4
BGCP support at $4.50
KOS support at $8.50