News:
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.
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
Technicals:
Friday’s close was the second-highest close for the S&P 500 in the past 9 months.
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.
- The VIX is still near 52-week lows
- RSI levels are mostly neutral, the Nasdaq remains VERY overbought
- The Put-to-Call Ratio is neutral
Timing:
Earnings season continues this week, but big fireworks could come from these scheduled news events…
- FOMC minutes release at 2 PM on Wednesday
- 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
Watchlist:
*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
TIO 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