5/22/23 The 2 Events to Watch This Week


Friday saw mixed price action.

The open was mostly green, but as the day wore on, stocks moved generally lower.

Each major index ended the day lightly red…

  • Dow Jones -0.3%
  • Nasdaq -0.2% 
  • S&P 500 -0.1%
  • Russell 2000 -0.6%

Debt ceiling fears were blamed again. Although the technicals suggest, some cooling was warranted.

Image from the WSJ

Sector Round Up

No sector gained or lost more than 1% during Friday’s session.

Despite the broader selling, 4 of the 11 sectors closed the day higher.

At the top…

  • Energy (XLE) +0.8%
  • Healthcare (XLV) +0.5%

At the bottom…

  • Communications (XLC) -0.5%
  • Consumer Discretionary (XLY) -0.8%

The remaining 7 sectors closed within +/- 0.5% of their previous close


Friday’s close was the second-highest close for the S&P 500 in the past 9 months.

SPY Daily Candles – Chart by thinkorswim

The 9-month high close occurred on Thursday.

The market has been moving almost straight up. And markets don’t typically move in straight lines.

A dip is in order. We expect the dip to be bought.


Earnings season continues this week, but big fireworks could come from these scheduled news events…

  1. FOMC minutes release at 2 PM on Wednesday
  2. Revised Q1 GDP Data on Thursday at 8:30 AM

The top earnings to keep an eye on this week…

  • Lowes (LOW^) reports Tuesday premarket
  • Nvidia (NVDA) Wednesday after hours
  • The Toronto-Dominion Bank (TD) Thursday premarket


*Low Float
^Open Position

*WKEY support at $3
*AMAM support at $12
*CLRO support at $2.25
*GSIT support at $5 / $6
*UIHC support at $5
APYX support at $6
ORMP support at $4, resistance at $6
CRVS support at $2.75
ALPN support at $9
NNOX support at $16
APLD on watch
XFOR support at $2
JELD support at $14, resistance at $15
AZUL support at $8
NVTS support at $8

Secondary watchlist—float 100+ million

EVLV support at $5
on watch
ACVA support at $17
XERS support at $2.75
RIOT resistance at $12, support at $10
MVIS support at $3.50
SANA support at $7
^IONQ support at $8
^NYCB support at $11
PLTR support at $10/$11

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