3/7/23 Powell Takes the Hot Seat


Markets open the week notably green on Monday. The Nasdaq rose as much as 1% in early trading.

But the gains were short-lived. As the morning wore on, the major indexes gave up the early gains and settled near flat.

Charts from Finviz

The big three indexes finish mixed…

  • Dow Jones +0.1%
  • Nasdaq -0.1%
  • S&P 500 +0.1%
  • Russell 2000 -1.5%

Sector Round Up

The sectors reflected the indexes.

Of the 11 sectors, 5 ended green, 5 ended red, 1 flat.

At the top…

  • Utilities (XLU) +0.5%
  • Technology (XLK) +0.5%
  • Consumer Staples (XLP) +0.3%

At the bottom…

  • Real Estate (XLRE) -0.4%
  • Consumer Discretionary (XLY) -0.7%
  • Materials (XLB) -1.6%

Decliners far outpaced advancers…

Chart from Finviz

With the losers outpacing the winners and the Russell 2000 falling … if Monday had a winner, it was the bears.


The VIX remained low throughout the entire session…

VIX Daily Candles – Chart via thinkorswim

The long-term chart is pointing lower. 

A breakdown below 18 will put the bulls firmly in charge.


At 10 am, Fed Chair Powell will sit before US Senate COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS for The Semiannual Monetary Policy Report to the Congress.

Don’t expect much from Powell during the grilling … he usually spends most of his time explaining his job, the role of The Fed, and what decisions are left up to lawmakers.

We’ll have one eye on the markets and one ear listening to Powell.


*Low Float
^Open Position

*AMAM on watch
*BLBX support at $1
*RRGB support at $10.50
*XPOF support at $28
AMPY resistance at $10
NRDS support at $20
LVO support at $1.20
INDI support at $10.50
^AI resistance at $30

Secondary Watchlist, float 100+ million

IOT support at $18
^SLQT support at $2.50
ZETA support at $10
STGW on watch
NEO resistance at $18
NGL support at $3.60
RELY support at $15
^HIMS support at $10
ARDX support at $3.50
NAT support at $4
GOTU resistance at $4.50
BGCP on watch

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