Nasdaq (+0.01%) gapped higher but closed flat. The price remained above the EMA21 and SMA50 while consolidating in this area. It will be healthy to have a new base here and to see the price igniting later. Watching the marked levels.
SP-500 (0.48%) remained at the opening level. Taking into account the decreasing volumes during the week, the investors and traders are digesting this advance and waiting for a new price confirmation (up or down). A price above the SMA200 might signal strength while a rejection will be another reminder we are still in a bear market. Watching the marked levels.
In the news
After Elon Musk's ultimatum, Twitter employees start exiting.
Amazon CEO: More layoffs to come.
Carvana lays off 1,500 employees following stock free fall.
China’s Xi Stacks Government With Science and Tech Experts Amid Rivalry With U.S.
Collapsed FTX owes nearly $3.1 billion to top 50 creditors.
Sectors
Best yesterday sector: Utilities, then Healthcare. Worst sector: Energy.
Best weekly sector: Consumer Defensive, then Healthcare. Worst sector: Basic Materials.
Best monthly sector: Basic Materials, then Industrials. Worst sector: Communication Services.
Sentiment
NAAIM (weekly, neutral between 70 and 90): 64.96
VIX (neutral under 20): 23.12
Put / Call Ratio (neutral between 0.7 and 1): 0.87
CNN Fear & Greed: 62 (Greed)
Breadth
Stocks above SMA40 (neutral between 30 and 80): 71.27%
Stocks above SMA200 (neutral above 30): 44.06%
Number of stocks that increased yesterday by more than 4%: 203
Number of stocks that decreased yesterday by more than 4%: 84
McClellan Oscillator (neutral between -125 and 100): 21.06
Earnings Reports
Williams-Sonoma WSM 0.00%↑ announces record third quarter results. Ross Stores ROST 0.00%↑ reports third quarter earnings, updates fourth quarter guidance.
Noteworthy earnings reports for today:
This week's earnings:
What to trade today
Market is about to consolidate here (hopefully) and we might see the strongest stocks emerge or continue higher. If the prices will take the Fridays high, I will add more exposure. If not, I will remain with half position in $ASC.
Top 20 Industry Groups:
I will watch today:
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.
In order to learn more about trading, you may want to read:
Hello Laurentiu,
Appreciate your set ups each day. I seem to be seeing growing weakness in energy, and some strength in some areas in Health Care. Do you ever consider trading ETF's? I made a small buy in IHF.
It's not on your top 20 industry list but shows some new high candidates.
Thank You and good hunting.