The NASDAQ Composite suffered a distribution day, selling off -0.26% on higher volume. The S&P 500 avoided a distribution day since it was essentially flat on the day, while the Dow was up 0.18%, all on higher NYSE volume.
Futures dropped sharply after NFLX reported weak earnings but are now only slightly lower at the time of this writing with the NASDAQ-100 hit the hardest due to its tech-heavy focus.
Fed Chairman Powell will testify on the economy and monetary policy both today and tomorrow. He is likely to reiterate the Fed's stance towards gradual monetary policy tightening. "In short, we expect the chairman to signal optimism on growth and inflation, consistent with continued 'gradual' tightening," wrote Jim O'Sullivan, chief economist at High Frequency Economics.Focus List Notes:Netflix (NFLX)
reported earnings yesterday after the close and missed badly on new subscriber numbers. Revenues also fell short of estimates, while forward guidance was lowered. The stock is set to open below its 50-dma this morning, and is likely a sell on the gap-down break.
All other Focus List names will pull back this morning, and investors should simply watch to see how well they hold near-term support since all four remaining names closed yesterday above their 10-dmas and 20-demas.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.