News:
Markets continued sliding lower on Wednesday. Buyers are largely absent from the market so far this month.
The indexes settled modestly lower again…
- Dow Jones -0.6%
- Nasdaq -1.0%
- S&P 500 -0.7%
- Russell 2000 -0.3%
Seasonal weakness is the top culprit. September is historically the worst of the 12 months for stocks.
And rising oil prices aren’t helping.
Sector Round Up
Bears captured 9 of the 11 sectors on Wednesday.
The winners…
- Utilities (XLU) +0.2%
- Energy (XLE) +0.0%
Leading losers…
- Healthcare (XLV) -0.5%
- Consumer Discretionary (XLY) -0.9%
- Technology (XLK) -1.1%
Technicals:
Markets have reached a possible turning point.
The chart below represents the Nasdaq 100…
The S&P 500 and Dow 30 are at nearly identical local support levels.
Futures are lower this morning. A red open and green close would indicate the bulls are still the dominant force in the market.
Your latest readout leans bullish…
- The VIX is holding near 3-year lows
- RSI levels are all neutral
- The put-to-call ratio is extremely oversold
Timing:
The news cycle is expected to remain light this week.
Next week will deliver new inflation data and the 3rd triple witching of the year.
The week after is the FOMC meeting.
Investors are on edge ahead of the coming weeks.
Watchlist:
*Low Float
^Open Position
*GTEC on watch
*HOLO support at $9, resistance at $10
*CLRB support at $2.20
*TSAT support at $18, resistance at $20
PFIE support at $2.60, resistance at $3
OLMA support at $11
BLRX resistance at $2.50
REKR support at $3.50, resistance at $4
WW support at $11, resistance at $12
ESTE support at $20
MAPS support at $1.50
TIGR support at $5, resistance at $5.50
Secondary watchlist—float 100+ million
TSHA support at $3 / $3.50
^IOT support at $30