News:
Markets fell on Tuesday. Investors digested several new data points…
- Retail sales in the U.S. are up +3.2% year over year
- That figure triggered new inflation concerns, sending bond yields soaring
- China’s economy is slowing
- The central bank unexpectedly cut interest rates
Both news items weighed down the market.
The indexes all closed the day deep in the red…
- Dow Jones -1.0%
- Nasdaq -1.1%
- S&P 500 -1.2%
- Russell 2000 -1.3%
Sector Round Up
The bears owned the day on Tuesday. All 11 sectors finished the day in the red.
The top performers…
- Healthcare (XLV) -0.4%
- Communications (XLC) -0.9%
- Technology (XLK) -1.0%
At the bottom…
- Materials (XLB) -1.6%
- Financials (XLF) -1.8%
- Energy (XLE) -2.1%
Technicals:
The S&P 500 breached a pair of support levels during Tuesday’s session…
The local support level, marked in yellow, and the 50-day moving average, the purple line, failed to provide any substantial buying.
Still, the market could be at a turning point. We’ll be monitoring today’s price action for signs of a turn.
Your latest readout…
- The VIX is very low, relatively
- RSI levels are all neutral
- The put-to-call ratio is oversold
Timing:
Today 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
*TSAT on watch
*JUPW has support at $1 / 1.20
GROV support at $2.50
*ACIS (formerly UIHC) support at $7
ETON support at $4
GRPN support at $10
EYPT support at $14
AAOI support at $14
EH support at $20, resistance at $23
EZGO support at $2.40
TDUP support at $4
LAB support at $2.60
TDS support at $17.25
Secondary watchlist—float 100+ million
HLLY support at $7
EVLV support at $7