8/22/23 Move Up Monday


Markets opened the week to some strong buying. However, the buying was limited to certain sections of the market.

Tech and some risk-on stocks gained while the mega caps and small caps lagged behind.

Table by Finviz

The indexes ended the day mixed…

  • Dow Jones -0.1%
  • Nasdaq +1.6% 
  • S&P 500 +0.7%
  • Russell 2000 -0.2%

Sector Round Up

5 of the 11 sectors finished the day green.

The risk-on sectors held the high ground. Their gains far outpaced the loser’s losses.

At the top…

  • Technology (XLK) +1.9%
  • Consumer Discretionary (XLY) +1.2%
  • Communications (XLC) +0.7%

At the bottom…

  • Energy (XLE) -0.6%
  • Consumer Staples (XLP) -0.7%
  • Real Estate (XLRE) -0.9%

Notable Names

Cyber Security giant Palo Alto (PANW) was the biggest gainer in the S&P 500.

Image from Palo Alto
  • The gains were driven by solid earnings and a rosy forecast
  • AI was the hot topic discussed on the earnings call
  • The company gained over $9 billion in market cap on Monday

Other notable gainers from Monday’s session…

  • Tesla (TSLA^) +7% on analyst upgrade
  • Nvidia (NVDA) +8% ahead of its earnings on Wednesday
  • Moderna (MRNA) +9% on booster shot push from new variants


Bears never made any real gains during the recent market drawdown…

VIX Daily Candles – Chart by thinkorswim

The VIX, aka the “fear gauge,” never punished beyond 18 as the market is beginning to accept the new bull market.

Yesterday’s buying helped alleviate some of the oversold conditions in the market.

Your latest readout…


It’s a slow news week…

The market is waiting to hear from Powell at the Fed’s annual Jackson Hole Economic Symposium on Friday.


*Low Float
^Open Position*

RETO support at $5 / $6
*HKIT support at $20
*GCT support at $12
*TSAT support at $16 / $18
*JUPW has support at $1, resistance at $1.20
*GAMB support at $13
*GROV support at $3
*ACIS (formerly UIHC) support at $7
GRPN support at $10, resistance at $12
EYPT support at $14
AAOI support at $14
PFIE support at $1.80
EZGO support at $2.25
ESTE on watch
support at $7

Leave a Comment

Your email address will not be published. Required fields are marked *