Posted by Nick Santiago

All a man needs to know to make money is to appraise conditions.

Jesse Livermore

Market Sentiment For SPX: Daily chart neutral, Weekly chart bullish, Monthly chart bullish: Today, the major stock indexes gapped lower and really never looked back. While the decline was broad based the Russell 2000 Index (IWM) was the big loser closing down 3.64%. The Russell 2000 has been lagging lately and is a good indication of the future. Volume increased during this sell off with the SPY trading 122 million shares, so this was another negative indication. A follow through day to the downside with increased volume should be enough to set the next bear phase in motion. Traders must now move into a cautious stance. Yesterday, I wrote that there were some pockets of weakness out here that were telling me to be cautious with an upside bias. Either way, should the markets reverse and go back up from today the rally would be limited since time is almost up and the rally is likely to conclude at the end of the month. New 52-week highs vs new 52-week lows were mixed (NYSE 149 highs / 54 lows, NASDAQ 67 highs / 89 lows).

Markets YTD:
Nasdaq Composite +15.2%
Russell 2000 +11.7%
S&P 500 +11.7%
Dow Jones Industrial Average +9.3%

The S&P 500 Index finished the session lower by 54.17 (-1.90%) closing at $2800.71. The next master resistance levels for the S&P 500 Index are 2804, 2830, 2856, 2883, 2909 and 2936. The master support levels for the S&P 500 Index are 2778, 2751, 2725, 2700, 2675, 2650, 2624, 2597, 2571, 2546, 2497, 2472, 2448, 2425, 2400, 2375, 2351, 2327, 2302, 2289, 2255, 2221, 2198, 2174, 2148, 2125, 2100, 2081, 2055, 2033, 2011, 1993, 1967, 1949, 1923, 1905, and 1879.

May crude (CL-K9) finished the session lower by $1.01 (-0.43%) to $58.97 a barrel. The master resistance levels for crude are 61.00, 66.00, 69.50, 74.00, 79.00, 84.00, 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The next master support levels for crude are 57.00, 53.00, 49.00, 46.00, 42.00, 40.00, 37.00, 34.00, 31.00, 28.00, 25.00, and 23.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.

April gold (GC-J9) finished the session higher by 6.10 (+0.47%) closing at $1313.40 an ounce. The master resistance levels for gold are 1317, 1337, 1353, 1372 1410, 1428, 1449, 1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1300, 1281, 1264, 1244, 1228, 1210, 1994, 1976, 1160, 1142, 1126, 1092, 1075, 1060, 1043, 1028, 1011, and 996.

The 10-year bond yield finished the session lower by 0.082 (-3.23%) closing at 2.455%. The master resistance levels for the yield are 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 2.41%, 2.33%, 2.25%, 2.11%, 2.04%, 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, and 1.33.

Posted by Nick Santiago

We don't know all the answers. If we knew all the answers we'd be bored, wouldn't we? We keep looking, searching, trying to get more knowledge.

Jack LaLane

Market Sentiment For SPX: Daily chart bullish, Weekly chart bullish, Monthly chart bullish: Stocks started off lower before the open and then surged for most of the day. As you know by now, I'm expecting a run up into the end of the month, but we still need to watch the daily action every session. There were some pockets of weakness out here that tell me to be cautious with an upside bias. Yesterday, I mentioned that stocks will often run up into the end of the quarter especially with several popular IPOs that are scheduled to come to market(LEVI, LYFT, UBER ect.). Who would want to scare off those deals before they are completed? So far, it looks like that analysis was correct. The next major turning for stocks will be late this month. New 52-week highs outpaced new 52-week lows (NYSE 149 highs / 21 lows, NASDAQ 111 highs / 33 lows).

Tonight, the Daily Market Report material will be presented at the start of the No-Hype Live broadcast. The broadcast will begin at 5:15 pm EST. I hope to see you all there!

Markets YTD:
Nasdaq Composite +18.1%
Russell 2000 +15.9%
S&P 500 +13.9%
Dow Jones Industrial Average +11.3%

The S&P 500 Index finished the session higher by 30.65 (+1.09%) closing at $2854.88. The next master resistance levels for the S&P 500 Index are 2856, 2883, 2909 and 2936. The master support levels for the S&P 500 Index are 2830, 2804, 2778, 2751, 2725, 2700, 2675, 2650, 2624, 2597, 2571, 2546, 2497, 2472, 2448, 2425, 2400, 2375, 2351, 2327, 2302, 2289, 2255, 2221, 2198, 2174, 2148, 2125, 2100, 2081, 2055, 2033, 2011, 1993, 1967, 1949, 1923, 1905, and 1879.

May crude (CL-K9) finished the session lower by $0.26 (-0.43%) to $59.94 a barrel. The master resistance levels for crude are 61.00, 66.00, 69.50, 74.00, 79.00, 84.00, 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The next master support levels for crude are 57.00, 53.00, 49.00, 46.00, 42.00, 40.00, 37.00, 34.00, 31.00, 28.00, 25.00, and 23.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.

April gold (GC-J9) finished the session higher by 7.45 (+0.57%) closing at $1308.70 an ounce. The master resistance levels for gold are 1317, 1337, 1353, 1372 1410, 1428, 1449, 1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1300, 1281, 1264, 1244, 1228, 1210, 1994, 1976, 1160, 1142, 1126, 1092, 1075, 1060, 1043, 1028, 1011, and 996. Gold rallied higher after the FOMC announcement and is trading at $1318.

The 10-year bond yield finished the session higher by 0.002 (+0.08%) closing at 2.537%. The master resistance levels for the yield are 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 2.49%, 2.41%, 2.33%, 2.25%, 2.11%, 2.04%, 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, and 1.33.

Posted by Nick Santiago

Some men see things as they are and ask why. Others dream things that never were and ask why not.

George Bernard Shaw

Market Sentiment For SPX: Daily chart bullish, Weekly chart bullish, Monthly chart bullish: Today was another roller coaster session on Wall Street. Markets started lower after poor earning by Fedex (FDX). Then the FOMC announcement was made at 2:00 pm ET, as expected the kept rates unchanged and said that interest rates would not increase this year. Stocks initially spike higher on the news and then retreated into the close. Tomorrow should be a pivotal day for the markets as tonight is a full moon and the vernal equinox. In the past I have often looked for turning points on events like this, but this time around I'm not certain it will occur just yet. By tomorrow's close we should have more clarity. Often stocks will run up into the end of the quarter especially with several popular IPOs that are scheduled to come to market(LEVI, LYFT, UBER ect.). Who would want to scare off those deals before they are completed? New 52-week highs outpaced new 52-week lows (NYSE 86 highs / 42 lows, NASDAQ 90highs / 43 lows).

Markets YTD:
Nasdaq Composite +16.51%
Russell 2000 +14.4%
S&P 500 +12.7%
Dow Jones Industrial Average +10.4%

The S&P 500 Index finished the session lower by 8.34(-0.29%) closing at $2824.23. The next master resistance levels for the S&P 500 Index are 2830, 2856, 2883, 2909 and 2936. The master support levels for the S&P 500 Index are 2804, 2778, 2751, 2725, 2700, 2675, 2650, 2624, 2597, 2571, 2546, 2497, 2472, 2448, 2425, 2400, 2375, 2351, 2327, 2302, 2289, 2255, 2221, 2198, 2174, 2148, 2125, 2100, 2081, 2055, 2033, 2011, 1993, 1967, 1949, 1923, 1905, and 1879.

May crude (CL-K9) finished the session higher by $0.86 (+1.4%) to $60.20 a barrel. The master resistance levels for crude are 61.00, 66.00, 69.50, 74.00, 79.00, 84.00, 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The next master support levels for crude are 57.00, 53.00, 49.00, 46.00, 42.00, 40.00, 37.00, 34.00, 31.00, 28.00, 25.00, and 23.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.

April gold (GC-J9) finished the session higher by 5.60 (+0.40%) closing at $1301.40 an ounce. The master resistance levels for gold are 1317, 1337, 1353, 1372 1410, 1428, 1449, 1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1300, 1281, 1264, 1244, 1228, 1210, 1994, 1976, 1160, 1142, 1126, 1092, 1075, 1060, 1043, 1028, 1011, and 996. Gold rallied higher after the FOMC announcement and is trading at $1318.

The 10-year bond yield finished the session lower by 0.079 (-3.02%) closing at 2.535%. The master resistance levels for the yield are 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 2.49%, 2.41%, 2.33%, 2.25%, 2.11%, 2.04%, 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, and 1.33.