Yesterday the market rallied broadly, indexes gained about 1% each. And this morning futures are up across the board.
The rally comes as mask mandates are falling by the wayside in liberal-leaning states. A “return to normal” may be getting priced back in.
Despite travel numbers reaching some pre-pandemic levels, there is still a part of the population that has stayed home. And business travel still lags.
If we are finally getting to the point of living with the virus the market has good reason to rally.
The put-to-call ratio is near oversold. RSI levels are all neutral. Bears could get squeezed higher.
The Rusull 2000, the most volatile and risky index, is breaking out above recent resistance.
This morning futures are above the line I drew. A clear sign that markets are trying to rally.
I’m watching the close not the open for confirmation. I have no index position right now. Stay tuned!
CPI inflation data is due out on Thursday.
We are still in the middle of earnings season. UBER and DIS report after the closing bell.
I’m always watching for surprises.
*CORZ has resistance at $11
VIVO is on watch
ALJJ has support at $2.30
SBEV has resistance at $5
CFVI has support at $15
CENX has resistance at $18
TSN has resistance at $100