News:
Markets moved modestly higher on Monday.
The indexes were mostly green…
- Dow Jones +0.1%
- Nasdaq +1.1%
- S&P 500 +0.6%
- Russell 2000 -0.2%
Under the surface, the bull case wasn’t as clear. 56% of the stock declined, while just 40% posted gains.
Sector Round Up
Risk-on stock led the indexes charge, with 6 of the 11 sectors finishing the day higher.
At the top…
- Technology (XLK) +1.6%
- Communications (XLC) +0.7%
- Consumer Discretionary (XLY) +0.3%
At the bottom…
- Consumer Staples (XLP) -0.5%
- Real Estate (XLRE) -0.5%
- Utilities (XLU) -0.8%
Technicals:
Fear is hard to come by as The VIX is maintaining below both critical levels of 18 and 16…
The market is moving sideways right now, and that favors the bulls in the long run.
Markets tend to rise like an escalator and fall like an elevator. Sideways movement is historically bullish. And we still have no bear case to make.
Your latest readout…
- RSI levels are all neutral
- The put-to-call ratio is neutral
Timing:
Today is the 52-year anniversary of the US move from Gold-backed currency to Fiat (faith-based) currency.
- Bitcoin is trading near $29,400—A 77% increase year-to-date
Tomorrow we’ll get some clues about The Fed’s next move as the minutes from its most recent FOMC meeting are scheduled to be released at 2:00 PM.
Watchlist:
*Low Float
^Open Position
*RETO support at $3.50
*DSP support at $6
*JUPW has support at $1 / 1.20
*UIHC support at $7
GRPN support at $9, resistance at $10
EYPT support at $13
AAOI support at $14
EH support at $20, resistance at $23
EZGO support at $2.25
NN on watch
TDUP support at $3.50
LAB support at $2.50
TDS support at $16
Secondary watchlist—float 100+ million
HLLY support at $7
EVLV support at $7
RKT support at $11
BGC support at $5, resistance at $5.20