- The S&P 500 sold off 1.85% as damage was felt particularly hard in the Financials sector
- The S&P 500 saw 95% of its components close lower; the VIX jumped more aggressively than on Tuesday and settled at 23
- All four major U.S. equity indices have a strongly bearish intermediate posture
- All four major U.S. equity indices are trading below their 30 day moving averages (the NASDAQ’s 30 DMA is still rising)
- The Dow Jones Industrial Average fell 2.66%, the NASDAQ Composite fell 2.05%, and the Russell 2000 fell 2.81%
- The Dow has now given back all of its 2023 gains and is now at 4-month lows
- Low Size was replaced by Quality on the Factor Selector, confirming the sudden wear-and-tear in the small-cap arena
- The 3-Month U.S. Treasury Yield continues to yield 5%, as many yield curves are at their steepest inversions in several decades (or ever)
- The U.S. Dollar (strongly bullish posture) fell 0.28%, but it remains above its rising 30 day moving average
- Gold had a solid day of outperformance (+0.98%) after its oversold cluster signal yesterday; it continues to have a strongly bearish intermediate posture
- Oil (-1.28%) sold off for its third straight day; it is now trading below its falling 30 day moving average with a weakly bearish posture
- The 10-year Treasury Yield slipped to 3.92%; it has a strongly bullish posture and is trading above its rising 30 day moving average
- Long term U.S. Treasuries rose 0.25% today and now have a weakly bullish posture, despite trading below their falling 30 day moving average
- Bitcoin (weakly bearish posture) sold off over 6% and finds itself near $20,000 once again; much of this year’s gains have now been given back
- Preferred stocks (-1.77%) now have an oversold cluster signal and are only up 1.37% for the year after a red-hot start
- Emerging markets (-2.21%) underperformed the U.S. markets and ended the day with an oversold cluster signal
- All sectors finished lower today, with Financials (-4.06%) selling off the most aggressively
- Not only did the broader Financials sector struggle, but the Regional Banks were down 8%; for both of those areas, it was the worst day since June 2020
- Health Care (-1.01%) ended the day with an oversold cluster; Utilities (-0.80%) are the only sector without a bearish posture
- Our trade application example featured selling a put on T. Rowe Price (TROW) due to it having an attractive yield (versus its own historical standards and also versus the 10 Year Treasury Yield); it also has a very rare oversold monthly Market Forecast cluster (which hasn’t happened since the bottom of February 2009)
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
Watch the entire March 9th #MarketOutlook video from @MarketScholars here:https://t.co/lCp3UqXKpa
— Brandon Van Zee (@BrandonVanZee) March 10, 2023
Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $EEM $EFA $GLD $USO $TNX $TLT $BTC $UUP $VIX $TSLA $JPM $WFC $WHR $KRE $XLF $SIVB $SI $SCHW $CMG $LLY $GE $AAPL $MSFT $INTC $NVDA $C $TROW pic.twitter.com/9cHxuJEj2l
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