11/12 Cautiously Bullish. 320 Buying | 175 Selling.
% Stocks Over 50SMA is Bullish. Primary Indicator is Bullish. 20% Weekly is Bullish.
The market showed resilience with broad participation lifting major averages despite tech weakness and profit-taking in mega-caps, particularly semiconductors. Healthcare and energy sectors led gains with strong volume, while volatility remained subdued, reflecting a steady but cautious mood.
Healthcare and biotech saw selective momentum late in the session, with medtech and therapeutics names like PEN and EWTX closing near highs on expanding volume. Energy and materials softened slightly. Real estate and financials were mixed but showed pockets of strength. The VXX remained stable, supporting a range-bound environment.
Upcoming catalysts include the weekly MBA Mortgage Applications report Wednesday morning and ongoing Q3 earnings, with key names like Life360 (LIF) and Centene (CNC) reporting after hours. The Senate vote on government funding is expected Wednesday afternoon, potentially impacting market sentiment.
Key Takeaway:
Swing traders should focus on continuation setups in healthcare and select momentum names showing late-day accumulation with strong volume. Avoid chasing breakouts without retests, especially in semiconductors and tech where overhead supply remains. Monitor key support levels in SPY (680–681) and QQQ (620) for signs of market direction amid low volatility. Position sizing and stops near identified support levels will help manage risk in this cautiously bullish environment.
Watchlist
Continuation: PEN (S1: 277.5, S2: 276, S3: 275.5, R1: 280, R2: 281, R3: 283)
Anticipation: TSEM (S1: 99, S2: 98.5, S3: 97, R1: 100, R2: 101, R3: 102.5)