9/18/23 Friday’s Fallout, Finally FOMC


Markets reversed course on Friday, giving up much of their weekly gains.

Oil prices are still climbing, plus stress over this week’s Fed decision were likely the biggest factors.

Crude Oil Daily Candles – Chart by Yahoo! Finance

The indexes posted significant losses…

  • Dow Jones -0.8%
  • Nasdaq -1.6% 
  • S&P 500 -1.2%
  • Russell 2000 -1.1%

Sector Round Up

All of the 11 sectors ended Friday’s session in the red too.

At the top…

  • Real Estate (XLRE) -0.4%
  • Utilities (XLU) -0.4%
  • Financials (XLF) -0.5%

At the bottom…

  • Energy (XLE) -1.5%
  • Consumer Discretionary (XLY) -1.7%
  • Technology (XLK) -1.9%


Despite the selloff, fear is largely absent from the market.

VIX Daily Candles – Chart by thinkorswim

Even this morning, the VIX is holding steady under 16, a level reserved for bull markets.

Friday’s selling brought the markets closer to balanced.

Your latest readout…


This week, all eyes and ears will be on The Fed.

Markets are expecting interest rates to remain unchanged this week when the Fed releases its latest decision on Wednesday afternoon.

After this week’s FOMC, there are just two remaining Fed decisions in 2023.


*Low Float
^Open Position

*SHOT (formerly JUPW) support at $1.40
PFIE support at $3
GIII support at $24
RCKT resistance at $24
NN on watch
MAPS support at $1.50, resistance at $1.75
TNGX support at $8
CVNA resistance at $55

Secondary watchlist—float 100+ million

SNDL support at $2, resistance at $2.20

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