EB Daily Market Report - Wednesday, October 25, 2023

Dear Members.

A brief report as Tom Bowley is in travel mode for the rest of the week.

First, as a reminder, we'll be entering our Model ETF Portfolio positions at today's close.  However, the current bearish historical period lasts through Friday's close.  For our tracking purposes and performance, we'll use today's close as our "entry" price.

Next, we've got red all the way around today with the NASDAQ taking the biggest beating, down 2.5% as traders punishing GOOGL by almost 10% after absorbing their earnings report and META down 4% as they face government scrutiny. MSFT is bucking the trend, up over 2.5%, but it's not helping the overall market.

Speaking of META, they will be reporting their earnings tonight after the bell, so we'll see if they can erase some of today's losses or if they continue to fall even further once the numbers are released.

The VIX is higher by almost 9% and any move above the recent high of 23.08 could lead to further selling. In the meantime, the S&P is below all key technical levels, including its 200 day moving average, currently at 4238, with the next level of support to watch is just above 4150. And, barring any late day recovery, at the moment, the bears are squarely in charge.

At your service,

John Hopkins