It was another slow day for the indexes…
After gapping up, higher markets closed practically unchanged. The 3 major indexes ended +/-0.1%.
The notable story was in the small-caps and meme stocks…
The Russell 2000 outperformed and closed the day up 1%.
Meme stocks were some of the day’s biggest winners…
- Bed Bath & Beyond (BBBY) +40%
- AMC (AMC^) +8%
- GameStop Corp. (GME^)+9%
The Real Estate (XLRE) sector was the day’s top sector logging a gain of 0.7%.
The Technology (XLK) sector was the only significant loser. The sector fell 0.9%, dragged down by two stocks in particular…
- NVIDIA (NVDA) fell 6.3% after lowering guidance.
- The chip makers said slowing sales of gaming hardware is to blame.
- Palantir (PLTR) fell 14.2% after its earnings missed expectations.
- The government software supplier said delays in federal spending are hurting its revenue.
Since the Russell 2000 is on a tear, let’s take a look at its chart…
Bear Market End?
It’s worth noting that Russell 2000 and the Nasdaq could be nearing the end of their bear markets.
Since we care about definitions so much … per Business Insider:
A bear market ends “once the market has increased 20% above its lowest point.”
All four indexes are well above their lowest close from mid-June…
- Nasdaq +19.6%
- Russell 2000 +17.5%
- S&P 500 +13.8%
- Dow Jones +10.6%
All the other indicators we track are neutral. Our outlook is bullish.
- Roblox (RBLX) reports earnings after the close.
- The latest CPI inflation reading is due out premarket.
- Walt Disney (DIS) reports earnings after the close.
*ANTX support at $1
*SOS support at $8 & 9
^*NNVC support at $3
*SRTS support at $12
TMDX support at $40
MYMD support at $5
TPIC on watch
COGT support at $12
SIGA support at $20-22
AERI support at $10
ALDX on watch
RYTM on watch
GRBK support at $27
YELP support ta $38
PAVM resistance at $2
CBAY support at $3.50
CYTK support at $50
BLU support at $11
Secondary watchlist … +100m float
DVAX support at $12
EDU support at $25
ARRY resistance at $17.50
TCRT support at $1.50
FOLD support at $11.50
GERN support at $2
GSAT support at $1.50