Jibber Jabber on banks, but they are still under pressure.
Watch your email for a potential flash meeting today.
Market Review:
The ES began the week at 3963.75. It started the month at 3968.50 and the year at 3895.00.
The market rallied in front of the FOMC meeting, and even a little after but with Wednesday's high at 4073.75. Monday's low of 3897.25 is still the low of the week. Can the ES stay above Monday's low, and possibly have a positive week.
Next week we are closing out the month and the quarter. The drama for any market is the question of whether we are up, or down, for any given time period. Today is the stage setter for next week. We already know how to judge the quarter, above or below 3895.00. We also know to judge the month from 3968.50. Here's a number to watch. The midpoint between those two numbers is 3931.75. If we open next week right around that level, expect drama.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
Mar 28 Consumer Confidence
Mar 31 Core PCE
Apr 3 ISM Manufacturing PMI
Apr 4 JOLTS Job Openings
Apr 5 ADP Employment
Key Numbers Opens: Above or Below
4085.75 was the open of Feb 2023
3972.75 is the open
3968.50 is the open of the Month
3963.75 is the open of the Week
3895.00 is the open of 2023
What's Hot and Not!
Gold
Gold has continued to climb back, after an early month low. Monday's high of 2003.9 is still the high of the Week, but, after finding a low this week of 1938.0, Gold started to climb and is up in early trading this morning. Gold continues to test it's higher levels peaking above 2003.0 this morning, but not far above. Look for 2003.9 to be challenged.
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