4/20/23 A Forgotten Anniversary


Wednesday saw muted price action on Wall Street for a second day in a row.

Markets gapped lower at the open. Then buyers picked up the discounts, and the indexes finished mixed, near flat, and once again, directionless.

  • Dow Jones -0.2%
  • Nasdaq +0.2%
  • S&P 500 +0.0%
  • Russell 2000 -0.2%

We decided to leave these arrows here cause they fit…

Under the surface, the bears revealed a slight advantage. 40% of the listed stock gained, and 56% declined.

Sector Round Up

The sectors told a similar story.

At the close, 4 of 11 were higher. No sector changed by more than 1%.

At the top…

  • Utilities (XLU) +0.8%
  • Real Estate (XLRE) +0.6%

At the bottom…

  • Energy (XLE) -0.4%
  • Communications (XLC) -0.8%

Looking Ahead

At writing, futures for the major indexes are off by as much as 1%.

Charts from Yahoo! Finance

There is no news for the dramatic drop that we could find.


The reason for falling futures is likely due to technical reasons.

The S&P 500 is facing stiff resistance overhead…

SPY Daily Candles – Chart by thinkorswim

Don’t expect the market to climb smoothly through the $420 level on the SPY chart.

There’s no reason it can’t get through, but market dynamics will likely make it a bumpy ride.

We are maintaining our bullish outlook.

Here’s our latest reading…


On this day in 2020, amid the COVID-19 market crash, the oil futures market flipped.

For the first time ever, oil traded below $0. Speculators were paying others to take delivery of the commodity.

At its lowest point, you could be paid $40 per barrel to take delivery.


*Low Float
^Open Position

*PTPI on watch
PKST is on watch
SONM support at $1
ALDX support at $10
CLSK support at $4, resistance at $5
^CIFR support at $2.50
WW support at $8
APLD support at $3.40
LVO key level at $1.40
VKTX on watch
TDUP support at $3
EOSE support at $2.75
^EMAN support at $2, resistance at $2.40
CBAY support at $9, resistance at $10

Secondary watchlist—float 100+ million

^IOT support at $21
TIO on watch
XERS support at $2.20
TGTX support at $20
RIOT on watch
HIMS support at $10
LEGN support at $57
^IONQ support at $6, resistance at $7
ARDX support at $4.20, resistance at $5
ISRG support at $280

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