Markets failed to pick a true direction on Wednesday.
The day had a bearish tilt as the Nasdaq logged a third consecutive day of losses.
Image by BullMarketGifts
The indexes held up better fairly well despite selling pressure. Here’s yesterday’s closing change…
- Dow Jones +0.2%
- Nasdaq -1.1%
- S&P 500 -0.2%
- Russell 2000 -1.0%
Under the surface, it was clear the bears had the advantage…
65% of listed stocks declined, while just 32% ended the day higher.
Sector Round Up
Of the 11 sectors, 4 closed higher.
The magnitude of the winners outpaced the losers. However, safer stocks were gaining while risk-on stocks faded.
Image by SafetyRisk
At the top…
- Utilities (XLU) +2.6%
- Healthcare (XLV) +1.7%
- Energy (XLE) +1.5%
At the bottom…
- Technology (XLK) -1.1%
- Industrials (XLI) -1.3%
- Consumer Discretionary (XLY) -2.1%
The Nasdaq finished lower. But notice it closed above support. And remember, it’s coming off of overbought conditions…
In other words, some selling is warranted.
QQQ Daily Candles – Chart by thinkorswim
The chart above isn’t looking bearish in the least.
Our outlook remains cautiously bullish.
We covered our short positions yesterday for a small loss.
Here’s what our top indicators say…
- The VIX remains low and in check — Bullish
- RSI levels are all neutral
- The Put-to-Call Ratio returned to neutral
This morning at 8:30, the latest weekly unemployment filing data drops.
Tomorrow the market is closed for Good Friday … However, the Bureau of Labor Statics will still release the monthly Jobs Report.
The market will have to wait until Monday to react to the news.
*BLPH on watch
ARCT support at $24
SCYX support at $3
IFRX on watch
ALDX resistance at $10, support at $9
NAAS support at $10
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
AUPH support at $10
RIOT support at $9, resistance at $10
^IONQ support at $6
OSCR resistance at $7, support at $6
ARDX support at $4.2