News:
On Monday, markets opened the week on a positive note.
The indexes all closed the day higher…
- Dow Jones +0.3%
- Nasdaq +1.1%
- S&P 500 +0.7%
- Russell 2000 +0.2%
Sector Round Up
The rally was broad. 10 of the 11 sectors posted gains.
At the top…
- Consumer Discretionary (XLY) +2.7%
- Communications (XLC) +1.5%
- Consumer Staples (XLP) +0.9%
The lone loser…
- Energy (XLE) -1.3%
Tesla Takes Off
Shares of Tesla (TSLA^) soared more than 10% on Monday after Morgan Stanley (MS) upgraded their target from $250 to $400 per share.
- Supercomputer “Dojo” could add half a trillion in market cap to the tech giant, according to analysts
- Dojo could bring self-driving taxis to the mainstream
- The $400 price target is the highest target on Wall Street
- Monday’s surge added about $80 in market cap
Technicals:
The S&P 500 looks very strong.
Monday’s buying capped a second day of gains and the second day with a higher high after bouncing off of local support.
Support and resistance are reliable indicators in bull markets only.
It’s a bull market, you know.
Your latest readout…
- The VIX is near 3-year lows
- RSI levels are all neutral
- The put-to-call ratio remains oversold
Timing:
Tomorrow, we’ll start getting some new inflation numbers.
The latest FOMC meeting convenes one week from today.
Watchlist:
*Low Float
^Open Position
*GCT on watch
PFIE support at $2.60, resistance at $3
GIII support at $22
REKR support at $3.50, resistance at $4
ESTE support at $20
MAPS support at $1.50
TNGX support at $8
TIGR support at $5, resistance at $5.50
Secondary watchlist—float 100+ million
TSHA support at $3.50
^IOT support at $30
^IONQ resistance at $20
BUR support at $14
SNDL support at $2