5/6 Bearish. 140 Buying | 225 Selling.
T2108 is Bullish. Primary Indicator is Bearish – Caution. 20% Weekly is Neutral.
The market paused after a strong rally, with the S&P 500 breaking its nine-session winning streak and closing modestly lower amid muted selling pressure and resilient support near the 50-day moving average.
Consumer discretionary, technology, and energy sectors led the decline, pressured by mega-cap weakness and falling oil prices following OPEC+ production increases. Volatility (VXX) rose, reflecting growing caution alongside broad sector weakness, while utilities showed relative strength.
Tuesday’s March Trade Balance report will be a key economic data point to watch for market direction cues.
Key Takeaway:
Traders should approach with caution given the bearish price action despite underlying breadth strength (T2108 bullish). Focus on managing risk around key support levels, especially in consumer discretionary and tech sectors where selling pressure is notable. Look for potential short setups on rallies but remain alert for any signs of stabilization near the 50-day SMA. Avoid chasing breakouts until clearer momentum confirms.
Watchlist
Continuation: CISO (S1: 0.5, S2: 0.5, S3: 0.5, R1: 0.6, R2: 0.6, R3: 0.6)
Anticipation: MSTR (S1: 385, S2: 383, S3: 380, R1: 391, R2: 395, R3: 400)
