Afternoon Note
The rebound has been nothing short of remarkable, but anxiety is creeping in as investors wonder what the next catalyst will be to keep the market moving higher.
This is a classic predicament for the market bouncing back after a major swoon. There is a pattern that normally sees what technicians call a retracement. In this case, a 50% retracement of the big down move.
The S&P 500 peaked Oct 3, then it lost 574 points by the closing bell on Christmas Eve. So a 50% bounce/retracement means the index must find a way to close above 2,638. We are almost there, so this market needs to find a way to keep rallying through the moment of truth.
Market Resolve on Full Display
This morning I wrote about the strange reaction to the Morgan Stanley (MS) earnings miss, which did not send the market lower despite weakness all morning long.
This extends the shift in bias since the Christmas Eve beat down that saw the Dow lose 650 points in half a day of trading.
The most compelling aspects of the session:
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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