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%
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…
- The VIX made another 52-week low
- RSI levels are neutral
- The Put-to-Call Ratio finished neutral after jumping to extremely oversold intraday
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.
*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