Stock Market Weekly update -Mar 12th

The 2 day relief rally was followed by a 'tail' candle on Monday, then we never looked back, dropping about 200 points on the SPX for the week! Part of the drop was blamed on the Fed's presentation, and part due to the collapse of 2 banks! We have now broken down, back below the weekly downtrend line, not a good sign for markets. Of course the VIX finally rallied. Next week we could see more turmoil in markets as we get the CPI & PPI inflation reports.

2nd largest Bank collapse in history last week!

Takeaways from America’s second-largest bank failure

The long term weekly 'downtrend' from the January 2022 high continues in the SPX (weekly 20MA line). --price broke down below that downtrend line last week.  

Less  likely now, but this weekly trend could also eventually take us down to the pre-Covid highs of early 2020! The DOW & the Small-caps have already touched that level and rallied back up (see pics below). 

NYA (NYSE composite) & IWM (small-caps): -also dropped.
The Dollar was mixed.
Gold rallied for a 2nd week. Oil was down a bit, and has been rangebound for 2 months.
Bitcoin/Crypto dropped for a 3rd week.

Pops & Drops:   DOCU dropped



S&P 500 weekly -Dropped back below the weekly downtrend line
Now looking more likely that we could eventually revisit the Oct lows!



DOW -leading up

S&P500

NASDAQ


1/1/23:  Indexes vs Pre-Covid early 2020 highs -the DOW already got there & reversed


Market concerns:   Inflation, Rising Rates, Russia/Ukraine, Banks?
Over $31 Trillion in debt!  See Debt Clock on the left, or here... 

New all time lows:  BBBY, CS,  -huge volumes last week!


Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -dropped again
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, XLF, XLE,  EEM,  GLD/SLV,

Stocks AAPL, AMZN, GOOGL, TSLA, META, MSFT, NVDA...

Next week:      
MTWThuF
Earnings:
, ADBEFDX, DG, 
Events:
CPIPPI


This week's charts: 


Delinquent consumer loans..



SVB bank -2nd largest collapse in history last week





3/05: Credit Suisse -Never recovered since 2007
Credit Suisse 5-year CDS widen as shares plummet




..and here's another one -Citi



...and here's one that never recovered since 2000! INTC


And another -CSCO

Links...

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