On Wednesday, markets opened modesty lower and failed to move into the green all day.
The indexes ended with some losses…
- Dow Jones -0.4%
- Nasdaq -0.2%
- S&P 500 -0.2%
- Russell 2000 -1.3%
The biggest newsmaker of the day was the release of the minutes from the most recent FOMC meeting.
In a nutshell, they said more rate hikes could be on the way. But a decision has yet to be made.
There was nothing new in the minutes—and the indexes ended the day near their pre-release levels.
Sector Round Up
Despite the losses in the border market, there were a few green spots.
4 of the 11 sectors and Wednesday’s session higher.
At the top…
- Utilities (XLU) +1.1%
- Communications (XLC) +0.8%
- Real Estate (XLRE) +0.5%
At the bottom…
- Energy (XLE) -0.6%
- Technology (XLK) -0.6%
- Materials (XLB) -2.5%
We couldn’t find a clear catalyst for the outsized losses in the materials sector.
The put-to-call ratio is one of the best indicators of the market’s stability…
Monday’s nosedive made us pause and ponder the tough question … “What did we miss?”
Wednesday’s post-holiday snap back to neutral territory showed a lack of professional involvement in the markets during Monday’s shortened session.
Here’s your latest readout…
Today at 8:30, we’ll get the latest unemployment filings.
Tomorrow is the final jobs report before the July FOMC meeting
*RMTI support at $5, resistance at $6
AAOI support at $6
GASS support at $4.20
TALS support at $3
^CIFR support at $3
^OSTK support at $30
IREN support at $5
ONCY support at $3
MRNS support at $10, resistance at $11
WULF support at $2
Secondary watchlist—float 100+ million
MARA support at $14
CLSK resistance at $5
RGTI resistance at $1.60
ENVX on watch
ACHR support at $4.50
TMC on watch
GOL support at $5
^IONQ support at $12
ABCM support at $24
OPK support at $2, resistance at $2.20
OPEN support at $4