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…
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…
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.
- The VIX has only finished lower three times in the past year
- RSI levels are all neutral
- The Put-to-Call Ratio retreated from oversold to neutral
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
*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