Nasdaq (-1.73%) gapped down with above-average volumes. The FED news influences the market and there is still news pending: today's jobs numbers. Hard to bet on a direction, so, patience is the key. Watching the 10000 level vs. the 11250 level if the market reverses and clears the W pattern.
SP-500 (-1.06%) had a similar price action. With some much news coming in, all the supports are easy to be broken. Watching the marked levels.
In the news
Stripe lays off 14% of workers.
Fidelity to open commission-free crypto trading to retail investors.
Saudi Arabia to Build Electric Vehicles With Apple Supplier Foxconn.
Stocks in Asia rise on China reopening hopes.
Sectors
Best yesterday sector: Energy, then Industrials. Worst sector: Communication Services
Best weekly sector: Utilities, then Energy. Worst sector: Communication Services.
Best monthly sector: Energy, then Industrials. Worst sector: Communication Services.
Sentiment
NAAIM (weekly, neutral between 70 and 90): 53.91
VIX (neutral under 20): 25.30
Put / Call Ratio (neutral between 0.7 and 1): 1.06
CNN Fear & Greed: 55 (Neutral)
Breadth
Stocks above SMA40 (neutral between 30 and 80): 52.73%
Stocks above SMA200 (neutral above 30): 33.99%
Number of stocks that increased yesterday by more than 4%: 144
Number of stocks that decreased yesterday by more than 4%: 241
McClellan Oscillator (neutral between -125 and 100): 56.42
Earnings Reports
Starbucks SBUX 0.00%↑ U.S. sales climb as customers spend more on pricey drinks. Coinbase COIN 0.00%↑ reports better-than-expected user numbers even as third-quarter revenue plunges. PayPal PYPL 0.00%↑ shares fell more than after-hours despite beat on earnings and revenue expectations for the third quarter. Block SQ 0.00%↑ stock rose in extended trading after the payments company reported third-quarter earnings that beat Wall Street expectations for profit. TWLO 0.00%↑ Twilio tumbles after issuing a soft quarterly revenue projection. Nikola NKLA 0.00%↑ cuts production guidance, sending the stock down despite strong earnings report.
Sports-betting leader DraftKings DKNG 0.00%↑ post-earnings Friday, Nov. 4, with analysts looking for details on any proposed partnership with The Walt Disney Co.’s ESPN network. For the third quarter, analysts expect DKNG to lose $1.05 a share, a narrower loss than the $1.35 per share the firm posted a year ago. Revenue is expected to climb more than 97% to $433.2 million in the quarter.
Other noteworthy earnings reports for today:
What to trade today
All indexes are in red. Some good RS in some individual stocks, but far from a good tide that lifts all the boats. Today we will get the numbers for Nonfarm Payrolls and Unemployment Rate. Volatility is very likely.
The environment is still risky. No plan to open new trades 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:
Watching Chinese stocks. For short of course. :-)