01.18.2023 | Daily Newsletter
01.18.2023 | Daily Newsletter
MyntBit's Daily Newsletter is dedicated to providing traders with today's recap and bringing setups to watch for stocks and futures for the next trading day.
What is included in tomorrow's newsletter?
Daily Recap
Look Ahead - Economic & Earnings Calendar
Key Futures Levels - S&P 500 (/ES) and NASDAQ (/NQ)
Today's Recap
Today's trade had a more cautious tone after the stock market's strong start to 2023. Investors digested earnings results from a few notable banks before the open, which received mixed reactions and may have reined in some expectations for the Q4 earnings season.
Dow component Goldman Sachs (GS 349.92, -24.08, -6.4%) sold off today after reporting below-consensus earnings and revenue, along with increased provisions for credit losses. Morgan Stanley (MS 97.01, +5.35, +5.8%), meanwhile, received a favorable reaction to its quarterly results despite a Q4 earnings miss.
The poor performance from Goldman Sachs kept the Dow Jones Industrial Average in negative territory for the entire session. The Nasdaq and S&P 500, however, logged modest gains of 0.6% and 0.4%, respectively, at early session highs.
Shortly after the open, the S&P 500 was trading above the 4,000 level and there was some noticeable conviction on the buy side. Advancers led decliners by a greater than 2-to-1 margin at the NYSE and a 3-to-2 margin at the Nasdaq.
The modest upside enthusiasm dissipated, though, and the main indices all settled into narrow trading ranges for the remainder of the session. By the afternoon, the 4,000 level became a point of resistance for the S&P 500.
Some mega-cap stocks maintained sizable gains today, offering a measure of support to the broader market. Apple (AAPL 135.94, +1.18, +0.9%) and Tesla (TSLA 131.49, +9.09, +7.4%) were standouts in that regard, boosting their respective S&P 500 sectors -- information technology (+0.4%) and consumer discretionary (+0.1%) -- towards the top of the leaderboard.
The materials (-1.1%) and communication services (-0.9%) sectors were today's worst performers.
Market Snapshot
Market Heatmap
Sector Heatmap
Earnings Calendar
Economical Events
Future & Commodities Markets
/ES - Emini S&P 500
Upside: If you hold and stay above the 4000, we could expect to test 4035 and then target 4065.
Downside: If we fail to hold 4000, then we could go down to test the 3952 and then 3900.
/NQ - Emini Nasdaq 100
Upside: If you hold and stay above 11500, then we could test 11700 again with a chance of trying to get to 12000.
Downside: If we fail to hold 11500, then we could go down to 11280 and then to the critical support at 11000.
VIX - Volatility Index
Upside: 20.01, 21.67
Downside: 17.36, 16.34
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