4/10/23 Inflation & Earnings—April’s First Full Week


On Thursday, ahead of the long weekend, markets opened in the red. 

Buyers pushed prices higher throughout the day.

At the close, all four major indexes were higher…

  • Dow Jones +0.0%
  • Nasdaq +0.8%
  • S&P 500 +0.4%
  • Russell 2000 +0.1%

On Friday, the latest jobs report showed hiring slowed. Employers added just 236,000 new jobs, the lowest monthly addition in more than a year.

Chart from CNBC

While the market was closed on Friday and unable to react … This morning, futures are mixed and near flat.

Our take, there’s nothing too concerning in the report.

Sector Round Up

Most sectors ended Thursday higher.

8 of 11, to be exact.

At the top…

  • Communications (XLC) +1.3%
  • Utilities (XLU) +0.7%
  • Real Estate (XLRE) +0.7%

The losers were…

  • Industrials (XLI) -0.0%
  • Materials (XLB) -0.2%
  • Energy (XLE) -1.5%


The VIX is a gauge that shows how much volatility and fear is in the market.

Volatility and fear favor the bears

The lower the VIX, the strong the case for the bulls.

VIX Daily Candles – Chart by thinkorswim

On Thursday, the VIX closed at 18.40. Over the past year, it’s only closed lower four times.

It was by far the lowest close ahead of a long weekend in recent memory.

As far as we’re concerned, the bear case is dead, and every dip will be bought until something major changes.

The other indicators we’re watching…


Today’s open bell will kick off the first full week of trading in April.

And the news cycle is almost certain not to disappoint. Here’s what the market will be watching this week…

  • Wednesday, Pre-market, CPI inflation data drop
  • Wednesday, 2 PM, FOMC minutes
  • Thursday—PPI Inflation data
  • Friday earrings season begins with big banks JPM, WFC, & C reporting


^Open Position

ARCT support at $25
CTHR resistance at $1.2
INZY support at $5, resistance at $6
IFRX on watch
ALDX resistance at $10, support at $9
NAAS on watch
FOA resistance at $2
DTC support at $7
VKTX support at $16, resistance at $18
^EMAN support $2
^SQSP on watch
DNMR support at $4

Secondary watchlist—float 100+ million

^IOT resistance at $18, resistance at $20
KC on watch
XERS on watch
RIOT support at $9, resistance at $10
^IONQ support at $6
OSCR resistance at $7, support at $6
ARDX support at $4.25

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