8/4/23 Bulls Show Up


Markets posted another day of losses on Thursday.

The indexes closed marginally lower…

  • Dow Jones -0.2%
  • Nasdaq -0.1% 
  • S&P 500 -0.3%
  • Russell 2000 -0.3%

While the day was red, the bulls made a showing. Of the 8,300+ listed stock stocks, 38% advanced higher during the session.

Sector Round Up

3 of the 11 sectors ended Thursday in the green.

The winners…

  • Energy (XLE) +1.0%
  • Consumer Discretionary (XLY) +0.2%
  • Financials (XLF) +0.1%

At the bottom…

  • Real Estate (XLRE) -1.4%
  • Utilities (XLU) -2.3%

Amazing Amazon

Amazon (AMZN) reported earnings after the closing bell last night. And buyers love what they hear…

Image from Shutterstock

As reported by the Wall Street Journal, “quarterly profit … trounced expectations … earnings nearly doubled analysts’ estimates.”

  • The stock price has risen up to 10% in premarket trading
  • The primary drivers of the growth were retail sales & advertising
  • If the gains hold, Amazon could add as much as $130 billion in market cap


Even before Amazon’s blowout earnings, the risk-on Nasdaq was signaling higher prices…

QQQ Daily Candles – Chart by thinkorswim

The green candle during Thursday’s session showed us that buyers are willing to show up in droves, and local support appears to be holding.

Futures are notably higher this morning on the heels of AMZN stock’s surge.

Your latest readout…



At 8:30 AM latest jobs report drops.

At 4:00 PM, the closing bell rings, and then the market will be closed for the 2-day weekend.

Fridays can be strong indicators of overall market sentiment… 

The willingness to buy ahead of the weekend, during which there is no chance to liquidate said position, tells us how confident investors are.


*Low Float
^Open Position

*CLEU support at $1.80
EYPT support at $12
MNMD support at $4.20
EH support at $20
^OSTK support at $35
APLT resistance at $2
NRDY support at $4.50, resistance at $5
GDRX support at $8
CORT on watch
MVST support at $2.50

Secondary watchlist—float 100+ million

CAVA support at $52
^RGTI support at $2.25
CGI resistance at $3.25
MKFG resistance at $2
^IONQ support at $18
BGC support at $5
NKLA support at $3
^PLTR support at $18

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