3/6/23 All Aboard! The Bulls Are Leaving the Station


On Friday, it was all green all day as FOMO ripped through the market, and bidders happily took whatever price they could get.

All four indexes finished the day sharply higher…

  • Dow Jones +1.2%
  • Nasdaq +2.0%
  • S&P 500 +1.6%
  • Russell 2000 +1.3%

A whopping 78% of stocks ended Friday with gains. 

The S&P 500 heat map reveals a sea of green…

Chart by Finviz

Sector Round Up

All 11 sectors ended Friday in positive territory. The last time that happened was February 1.

At the top…

  • Communications (XLC) +2.2%
  • Consumer Discretionary (XLY) +2.2%
  • Technology (XLK) +1.7%

At the bottom…

  • Healthcare (XLV) +1.1%
  • Industrials (XLI) +1.1%
  • Consumer Staples (XLP) +0.1%

The three “risk on” sectors were grouped tightly at the top. While the “safer” sectors were bringing up the rear … This is a classic sign of a bull market.


If you’re looking for risk, look no further than the Russell 2000.

Its chart shows a retest of a support zone and a new confirmation breakout…

RUT Daily Candles – Chart via thinkorswim

The chart demonstrates how support and resistance are often zones and not distinct lines.

Note the orange marks too. Over the past year, the bulls established a double bottom and higher lows.

Now that the breakout is confirmed, bears appear to be in full retreat.


Fed Chair Powell will be testifying before a couple of Congressional committees this week. 

Not expecting much market reaction on that front … Historically, lawmakers do more grandstanding than serious question-asking.

Earnings will continue to roll in. Here are the top stocks we’re watching…

  • Lordstown (RIDE) Monday premarket
  • Crowdstrike (CRWD) Tuesday after hours
  • SoundHound (SOUN) Tuesday after hours
  • JD.com (JD) Thursday premarket


*Low Float
^Open Position

*CDIO on watch
*AMAM support at $6, resistance at $7
*BLBX support at $1
*RRGB support at $10
*XPOF support at $28
HRTG support at $3.50
RCON support at $1.80
OSPN on watch
AMPY resistance at $10
NRDS support at $20
VTNR support at $10
INDI support at $10
^AI support at $27.50

Secondary Watchlist, float 100+ million

IOT support at $18
^SLQT support at $2, resistance at $2.60
ZETA support at $10
NEO support at $17.50
NGL on watch
RELY support at $15
HIMS support at $10
ARDX support at $3.40
NAT on watch
GOTU resistance at $4.50
BGCP on watch

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