News:
Markets open lower on Monday after the long weekend. Major indexes were off as much as 1% in the minutes following the opening bell.
Image from the NYSE
Those ticks turned out to be the session lows.
After the initial dip, markets climbed throughout the day.
At the close, three of the four major indexes were trading in the green…
- Dow Jones +0.3%
- Nasdaq -0.0%
- S&P 500 +0.1%
- Russell 2000 +1.0%
Small caps noticeably outperformed. The Russell 2000 barely dipped in the red during Monday’s session.
Sector Round Up
There was more green than red for the sectors, too. 6 of 11 ended the day higher.
At the top…
- Industrials (XLI) +0.9%
- Energy (XLE) +0.8%
- Real Estate (XLRE) +0.7%
At the bottom…
- Healthcare (XLV) -0.1%
- Utilities (XLU) -0.2%
- Communications (XLC) -0.2%
It was a low-volatility close as no sector ended more than 1% away from its previous close.
Banking On Bitcoin
In the wake of the banking crisis, investors continued to flock to the decentralized digital asset.
Image by SD Solutions
Overnight Bitcoin surged to a new 10-month high, breaching $30,000 for the first time since June 2022.
At writing, 1 bitcoin will cost you $30,050
We continue to accumulate weekly via dollar cost averaging. You can do the same by clicking here.
Technicals:
The Golden Cross, shown below, is proving to be a strong signal.
SPY Daily Candles – Chart by thinkorswim
Since the 50-day moving average crossed the 200-day in early February, the S&P 500 has made a higher high and a higher low.
We’re watching for an additional higher high to confirm the bullish trend.
Our daily reading provides no reason to be bearish.
- The VIX is holding very low
- RSI levels are all neutral
- The Put-to-Call Ratio is oversold
Timing:
Tuesday is the final trading session ahead of the highly-anticipated CPI report for March.
The report will shed light on inflation, and the market is sure to react strongly. In which direction is anyone’s guess?
Watchlist:
^Open Position
*Low Float
*SFWL on watch
ARCT support at $24
CTHR resistance at $1.2
INZY support at $5, resistance at $6
ALDX support at $10
NAAS support at $11
FOA resistance at $2
DTC support at $8
LVO resistance at $1.40
VKTX support at $16, resistance at $18
EOSE support at $2.75
^EMAN support at $2, resistance at $2.40
^SQSP support at $32
DNMR resistance at $4
Secondary watchlist—float 100+ million
^IOT resistance at $18, resistance at $20
XERS support at $1.80, resistance at $2
TGTX support at $18
RIOT support at $10
^IONQ support at $6, resistance at $7
OSCR resistance at $7, support at $6
ARDX support at $4.20