5/24/23 Minutes Drop Today


Stocks declined on Tuesday ahead of today’s major market news.

All major indexes ended the day lower…

  • Dow Jones -0.7%
  • Nasdaq -1.3% 
  • S&P 500 -1.1%
  • Russell 2000 -0.4%

Headlines continue to point to the debt ceiling “crisis.” But we know better…

  • The market was overbought. 
  • And there’s major news on the horizon…
Image from AAL Magazine

At 2 PM, the minutes from the last FOMC meeting will be released. Expect volatility, and don’t trust the first move.

After release, you can find the minutes here.

Sector Round Up

The sectors ended Tuesday mostly lower.

The lone winner…

  • Energy (XLE) +1.1%

At the bottom…

  • Communications (XLC) -1.2%
  • Technology (XLK) -1.5%
  • Materials (XLB) -1.6%


The VIX breached 18 in a meaningful way for the first time in 2 weeks during Tuesday’s session…

VIX Daily Candles – Chart by thinkorswim

Ahead of the Fed’s latest unknown, the market has shown some real fear. Albeit not very much.

Yesterday’s cooling was a welcome sign for technical bulls.


We are in the last full trading week of May.

Just three sessions remain before the long holiday weekend. If the market is scared of something, expect to show in the next few sessions.

Today’s announcement is only the beginning…


*Low Float
^Open Position

*WKEY support at $3.50, resistance at $4
*AMAM support at $12, resistance at $14
*UIHC support at $6
TAST support at $5.50
ORMP support at $4
CRVS support at $3
ALPN support at $10
NNOX support at $16, resistance at $20
APLD support at $7
XFOR support at $1.80, resistance at $2.20
UPST support at $25
AZUL support at $8, resistance at $10
NVTS support at $8

Secondary watchlist—float 100+ million

EVLV support at $5.50
OTLK support at $1.40
ACVA support at $17
XERS support at $2.80, resistance at $3
RIOT resistance at $12
MVIS support at $4
SANA support at $7, resistance at $8
^IONQ on watch
AKBA support at $1.20
PLTR support at $11/$12

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