9/25/23 Bottom in Sight


On Friday, markets tried to rally. 

By lunchtime, the bulls had made some headway. But the gains didn’t hold.

Charts from Finviz

The indexes faded all afternoon and settled at their session lows and slightly red…

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

Sector Round Up

Most sectors ended Friday’s session lower. 

Of the 11, there were 2 sectors that squeezed out small gains.

The winners…

  • Technology (XLK) +0.2%
  • Energy (XLE) +0.2%

At the bottom…

  • Real Estate (XLRE) -0.7%
  • Financials (XLF) -0.8%
  • Consumer Discretioary (XLY) -1.0%


Markets have posted three days of losses since the Fed decision last week.

But fear has yet to emerge.

VIX Daily Candles – Chart by thinkorswim

The VIX climbed above 16 but is holding below 18. Until the fear gauge cracks 20, the bulls are likely to maintain control, and the dip will eventually be bought.

This morning, markets remain very oversold as we search for signs of a bottom.

Your latest readout…


Today, we kick off the final trading week in September.

Two news events we’ll be watching…

  • The final Q2 GDP estimate drops Thursday morning 
  • PCE inflation report is scheduled for Friday


*Low Float
^Open Position

*SHOT support at $1.40, resistance at $1.55
CABA support at $16
GIII support at $24
APLT support at $2
NN support at $5 / resistance at $5.50
TNGX support at $9
SCS on watch

Secondary watchlist—float 100+ million

TALK support at $1.80

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