News:
On Thursday, buyers stepped aside and let the sellers have the day.
After opening lower, the indexes traded in the red the entire day. At the close, markets were modestly lower…
- Dow Jones -0.3%
- Nasdaq -0.8%
- S&P 500 -0.6%
- Russell 2000 -0.5%
Image from Economic Times
Sector Round Up
The sectors were almost all red. There was a single green spot among the 11 sectors of the S&P 500.
The lone winner…
- Consumer Staples (XLP) +0.2%
At the bottom…
- Communications (XLC) -1.0%
- Real Estate (XLRE) -1.2%
- Consumer Discretionary (XLY) -1.5%
Notable Names
Shares of Tesla (TSLA^) fell about 10% after reporting Q1 earnings.
- Lower prices on EVs are driving lower margins
- Elon Musk’s SpaceX launched the world’s largest rocket that blew up in spectacular fashion minutes after take-off
- Tesla’s Market cap fell by about $56 billion on Thursday
Image by TECHtricity
Chinese start-up U Power (UCAR) exploded onto Wall Street, closing +620% above its IPO price.
- The company is focused on battery-swapping technology for EVs
- Intraday, shares rose as much as 1,150% amid nearly two dozen trading halts
- If you’re trading this stock, we recommend small positions and wider stops
Technicals:
The VIX rose for the first time all week on Thursday…
VIX Daily Candles – Chart by thinkorswim
The rise was slight and failed to break through 18, the latest resistance level to appear on its chart.
We are maintaining our bullish outlook.
Here’s our latest reading…
- RSI levels are neutral and not close to overbought anymore
- The Put-to-Call Ratio is neutral
Timing:
It’s Friday.
It’s options expiration day.
And earnings season is just starting to heat up.
Have a great weekend. We’ll talk on Monday.
Watchlist:
*Low Float
^Open Position
*BFRG support at $8
*PTPI support at $6
AUGX on watch
SONM support at $1
ALDX support at $10
CLSK support at $4, resistance at $5
WW support at $8
TNYA support at $4
LVO key level at $1.40
VKTX on watch
TDUP support at $3
^EMAN support at $2, resistance at $2.40
CBAY support at $9, resistance at $10
Secondary watchlist—float 100+ million
^IOT support at $21, resistance at $22
IRDM resistance at $65
XERS support at $2.20
TGTX support at $20
RIOT support at $10
HIMS support at $10
LEGN support at $57
^IONQ support at $6, resistance at $7
ARDX support at $4.20, resistance at $5