September 30, 2022

Markets:

Stock futures and seesawing Friday as traders tried to rebound from sharp selling this week that brought the S&P 500 to a new 2022 low.

Stock sold off Thursday, with the Dow losing more than 1% and the S&P 500 and Nasdaq Composite each dropping more than 2% as investors weighed concerns over future rate-hiking decisions from the Federal Reserve and the impact on the market.

Friday also marked the last day of the month and the third quarter. For September, the S&P 500 and Dow are down more than 7% each through Thursday’s close. That would be the worst monthly performance for the Dow since March 2020 and the biggest one-month decline for the S&P 500 since June. The Nasdaq is headed for its biggest monthly loss since April, losing 9.1%.

Quarter to date, the S&P 500 and Nasdaq are headed for their first three-quarter losing streak since 2009, losing 3.8% and 2.6%, respectively. The Dow is down 5% in the third quarter and is on pace to post a third-straight losing quarter for the first time since 2015.

Portfolio:

We enter the final trading session of the month and quarter today holding setups in MPW, TDOC, Z and PARA. Throw in today is also a Friday, could be an absolute wild session of swings. Historically, October has been a positive month especially when leading into mid-terms elections. We need 3720 to hold and trade above and then we add to the long side. The only thing to keep in mind today; today's price activity will be a tough tell for any read. Quarter ending trade in effect. Month ending trade in effect. Window dressing in effect today. Be cautious. The real price activity comes Monday! Just keep that in mind and the levels we continue to point out. We have such a great path to end 2022 now. Let's take full advantage of these months.