Markets stalled during Monday’s session.
The indexes barely budged…
- Dow Jones +0.0%
- Nasdaq +0.0%
- S&P 500 +0.1%
- Russell 2000 -0.7%
The market’s attention has turned to The Fed as the 7th FOMC meeting of 2023 gets underway today in Washington.
Sector Round Up
5 of the 11 sectors posted gains on Monday.
At the top…
- Energy (XLE) +0.9%
- Technology (XLK) +0.5%
- Financials (XLF) +0.3%
At the bottom…
- Materials (XLB) -0.4%
- Real Estate (XLRE) -0.9%
- Consumer Discretionary (XLY) -1.1%
This morning, the S&P 500’s year-long uptrend remains intact.
The market is at the bottom of the range, just ahead of a major decision from the Fed.
Odds are growing that higher prices are ahead.
Your latest readout…
The FOMC meeting convenes today, but it will be Wednesday before we hear anything from officials.
Today’s notable happening is Instacart (CART). The company will make its Wall Street debut in the form of an IPO.
- It’s priced at $30 per share, the top of the estimated range
- That price gives it a market cap of about $10 billion
- This is the most anticipated IPO in nearly 2 years
*SHOT (formerly JUPW) support at $1.40
GRPN support at $12
CABA support at $16
GIII support at $24
NN support at $5
MAPS support at $1.50, resistance at $1.75
TNGX support at $8, resistance at $9
CVNA resistance at $55
Secondary watchlist—float 100+ million
SNDL support at $2, resistance at $2.20