News:
On Wednesday, markets traded mostly in positive territory in the morning, mostly negative in the afternoon, and ultimately settled near flat.
The four major indexes posted a mixed finish…
- Dow Jones -0.2%
- Nasdaq +0.4%
- S&P 500 +0.1%
- Russell 2000 +0.0%
It was a light news day as Fed Chair Powell offered little new information on his second day of testimony to “the Congress.”
Neither the bulls nor the bears emerged as clear winners. 49% of stocks advanced while 48% declined.
Sector Round Up
The sectors showed a slight advantage to the bulls. 7 or 11 sectors ended Wednesday higher.
At the top…
- Real Estate (XLRE) +1.4%
- Technology (XLK) +0.8%
- Utilities (XLU) +0.8%
At the bottom…
- Financials (XLF) -0.4%
- Healthcare (XLV) -0.5%
- Energy (XLE) -1.0%
Technicals:
The VIX is still pointing lower as the market tries to pick a direction…
While it’s important to understand anything can happen, the market has never made a dramatic move lower while the VIX remained low.
As long as fear is absent from the market, the void will likely be filled with greed.
Our bullish outlook is still intact.
This morning…
- RSI levels are all neutral
- The Put-to-Call Ratio is neutral
Timing:
This morning at 8:30 am, the latest weekly unemployment claims will be released.
Tomorrow morning it’ll be the Monthly jobs report.
The markets will have a close eye on each of these reports. Watch the market’s reaction as the figures come out.
Watchlist:
*Low Float
^Open Position
*BLPH on watch
*AMAM support at $8
*RRGB support at $12
*XPOF support at $28
MAXN support at $26
AMPY resistance at $10
MCG support at $7
NRDS support at $20
VERX resistance at $19
PTGX on watch
DKS support at $140
^INDI support at $10.50
SQSP support at $25
ARLO support at $5
Secondary Watchlist, float 100+ million
IOT on watch
YEXT support at $9
^SLQT support at $2.50
NEO resistance at $18
NGL support at $3.60
RELY support at $15
ARDX support at $4
NAT support at $4
GOTU support at $4.50
BGCP on watch