- The S&P 500 bounced back 1.65% with 83% of its components closing in the green
- The VIX fell back to 24 (after exceeding 30 yesterday) as markets calmed down a bit upon hearing regulators’ plans for banks
- All four major U.S. equity indices continue to 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 rose 1.06%, the NASDAQ Composite rose 2.14%, and the Russell 2000 rose 1.87%
- Bitcoin has been incredibly strong over the past four days; it ended well off its highs, but still managed to hit a 2023 high above $26K
- The 10-year Treasury Yield rallied to 3.63% after three aggressive sell-off days; it has a weakly bearish posture and is trading below its rising 30 day moving average
- Long term U.S. Treasuries (weakly bullish posture) fell 1.64% today but remain above their falling 30 day moving average
- The U.S. Dollar (weakly bearish posture) was flat today, but it is sitting right on top of its 30 DMA, so a bounce isn’t out of the question in the near-term
- Gold (weakly bullish) has been similar to Bitcoin, with a very strong rally while the traditional financial sector has been chaotic; it is above its falling 30 DMA
- Oil (-3.56%) finally broke down from its sideways consolidation; it is trading at multi-month lows and has a strongly bearish posture
- Emerging markets (+0.05%) were unusually quiet on this strongly bullish day for the rest of the world; they remain with a strongly bearish posture
- All sectors finished higher today; Financials, Communications and Technology all exceeded 2% gains
- Technology is the only sector trading above a rising 30 DMA; Staples and Utilities are the only sectors with a weakly bullish intermediate posture
- Our trade application example featured selling a bear call spread on Fiserv (FISV) due to it breaking aggressively below its 30 day moving average last week; while it snapped back a bit today, it continues to have a bearish intermediate posture
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
Watch the entire March 14th #MarketOutlook video from @MarketScholars here:https://t.co/XF0cc08NuH
— Brandon Van Zee (@BrandonVanZee) March 15, 2023
Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $EEM $EFA $GLD $USO $TNX $TLT $BTC $UUP $VIX $JPM $WFC $FRC $KRE $XLF $SIVB $SI $SCHW $SBNY $AMGN $META $AAPL $MSFT $TSLA $NVDA $CI $FISV pic.twitter.com/ZYpil2hfJd
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