To The Moon

Nasdaq (+2.31%) opened lower and succeeded in closing above Thursday’s high and above the EMA21. I wish we had more volumes. It seems the 10000 level is in the mirror now, but the 11000 level is also a critical test if the price wants to advance (the same for the 11250 level).  $NASDAQ(.IXIC)$

SP-500 (+2.37%) had the FTD day (follow-through day, a good advance with strong volumes) and close above the EMA21. Of course, the marked levels at 3770 & 3810 are key tests for the price in its possible advance. Keep an eye on Friday’s low as well. $S&P 500(.SPX)$

In the news

Bitcoin’s volatility falls below Nasdaq and S&P 500′s for the first time since 2020.

Saudi Arabia launches bid to attract $10 billion in supply chain investment.

Fed Set to Raise Rates by 0.75 Point.

Twitter stock falls after report says Biden admin weighing security review of Musk ventures. $Twitter(TWTR)$

Elon Musk says we’re already in a recession that could last until spring 2024, and only the strong will survive.

Amazon hires Hawaiian Air to fly rented Airbus cargo jets to replace older freighters. $Amazon.com(AMZN)$

Sectors

• Best yesterday sector: Basic Materials, then Consumer Cyclical. Worst sector: Communication Services.
• Best weekly sector: Energy, then Technology. Worst sector: Healthcare.
• Best monthly sector: Energy, then Basic Materials. Worst sector: Utilities.

Sentiment

• NAAIM (weekly, neutral between 70 and 90): 43.28
• VIX (neutral under 20): 29.69
• Put / Call Ratio (neutral between 0.7 and 1): 0.92
• CNN Fear & Greed: 45 (Neutral)

Breadth

• Stocks above SMA40 (neutral between 30 and 80): 39.71%
• Stocks above SMA200 (neutral above 30): 27.98%
• Number of stocks that increased yesterday by more than 4%: 522
• Number of stocks that decreased yesterday by more than 4%: 107
• McClellan Oscillator (neutral between -100 and 100): 84.04

Earnings Reports

Snap SNAP 0.65%↑plunges more than 25% on third-quarter revenue miss. American Airlines AA 7.18%↑expects fourth-quarter profit thanks to strong travel demand.

$Snap Inc(SNAP)$  $American Airlines(AAL)$

Noteworthy earnings reports for today:

This week's earnings:

What to trade today

Market reversed and we might see an uptrend continuation. As always, identify the main resistance points and key averages. We are in a bear market and these kinds of visits are more or less normal.

Here are the top 20 industries:

Regarding the individual stocks, I will watch this week.

Even if we saw a FTD on the SP-500, I am still very cautious and will add progressively. Until a strong reversal is in place, I do not plan to be more than 15–25% exposed in the market. 

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