March 28, 2024

Daily Wrap

DJIA -32.41 (-0.21%) to 15,451.85;S&P 500 -6.24 (-0.37%) to 1,676.26;NASDAQ -8.99 (0.25%) to 3,598.50 A relatively boring down day as the highs for the day were marked in the opening minuted and then the S&P 500 to lose ground until it bottomed around 1:30 with some small positive divergences on the 5 minute MACD and then rallied until 2:30 pm EST where it again lost ground but held above those earlier lows.  The market spent the last 30-40 minutes rallying but never regaining the 2:30 pm highs. In economic news we had CPI data with the core meeting expectations of up 0.2%…

Daily Wrap

DJIA +157.58 (+1.08%) to 14,756.78; S&P 500 +22.21 (+1.43%) to 1,574.57; NASDAQ +40.94 (+1.46%) to 2,838.41 Someone sounded an “all clear” notice today and the major indices all had nice gains including the S&P 500 which closed up over 1.4% for the day and at the day’s highs.  The bottom was actually made in the futures yesterday not long after the close.  Sometimes when you see bounces like this you will see an index like the Dow lead which I am always a skeptic of but today the S&P 500, Russell 2000 and Nasdaq Composite all outpaced the Dow to the upside with the…

Week in Review

DJIA -40.86 (-0.28%) to 14,565.25; S&P 500 -6.70 (-0.43%) to 1,553.28; NASDAQ -21.12 (-0.65%) to 3,203.86 The March unemployment data came in well below expectations (88K vs 198K expectations) which send the market gaping lower and down over 1% in early trading.  This took the S&P 500 toward the 50 day SMA and into a range of support which is used to rally off the lows ultimately only closing down slightly for the day. Big loser on the day was F5 Networks (FFIV) which lose over 19% after announcing Q2 earnings that were below analyst expectations.  The company blamed the lower results on decreasing telecom and…