Trading Plan: 10 November 2022
Nasdaq (-2.48%) after the Tuesday rejection, the price continued lower towards the lows. The new distribution day can signal a stronger move towards support or even a support break. Watching the supports and 10000 level.
SP-500 (-2.08%) lost its EMA21 and SMA50 and headed south. Today is CPI day, so everything can happen. If the data are not as expected, we might see lower and lower prices. But, remain open, and let’s see how investors react to the news.
In the news
Stock Futures Edge Up Ahead of Inflation Data.
Chipmaker TSMC plans Arizona factory expansion.
Cancer drugmaker Clovis flags possible bankruptcy.
Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse.
Sectors
Best yesterday sector: Utilities, then Healthcare. Worst sector: Energy.
Best weekly sector: Basic Materials, then Industrials. Worst sector: Consumer Cyclical.
Best monthly sector: Financial, then Industrials. Worst sector: Consumer Cyclical.
Sentiment
NAAIM (weekly, neutral between 70 and 90): 54.57
VIX (neutral under 20): 26.09
Put / Call Ratio (neutral between 0.7 and 1): 1.01
CNN Fear & Greed: 54 (Neutral)
Breadth
Stocks above SMA40 (neutral between 30 and 80): 56.91%
Stocks above SMA200 (neutral above 30): 35.88%
Number of stocks that increased yesterday by more than 4%: 88
Number of stocks that decreased yesterday by more than 4%: 737
McClellan Oscillator (neutral between -125 and 100): 24.95
Earnings Reports
Nio NIO 0.00%↑ reports strong third-quarter revenue as it gears up for a big year-end production push. Beyond Meat BYND 0.00%↑ reports wider-than-expected loss, falling revenue. Roblox RBLX 0.00%↑ shares sink after reporting bigger loss than expected.
Noteworthy earnings reports for today:
What to trade today
After a red day in all sectors and where Utilities were the strongest, it is definitely not a good time to be long.
Today we will have the CPI report. Watching the market reaction to the news will be the main activity for today.
No planned trades.
Do your due diligence if or when placing a trade. All ideas stated here are my own and do not represent trading or investment advice.