EB Watch List Update Report

Dear Members: MARKET NOTE The bears have done a bit of work the past few sessions, and right on cue. The S&P had gotten within just a few points of resistance near 2060 with both the Dow and S&P technically overbought. So the selling we've seen yesterday and into today makes a lot of sense. A few things have taken place. First, neither the Dow nor the S&P is now technically overbought. Next, so far the bulls have successfully defended the 200 day moving average on the selling. The S&P got as low as 2022 with the 200 day at 2016, so not a total retest, which could still easily happen sometime soon. But so far it has held. A few other observations. First, the VIX has moved up some the past few sessions but still remains below all key technical levels. So for at least the moment, this favors the bulls. Also, oil has been weak lately which hasn't helped the overall market. It's still well above the most recent lows but perhaps is adding to the weakness we've seen the past two days. And we cannot brush off the tragedy that took place in Belgium earlier in the week; world markets are too inter connected these days. Let's remember as well that we have a three day weekend about to start with the market closed tomorrow. So traders are being somewhat cautious here, not knowing exactly what they will wake up to come Monday. Makes sense. For now we remain in a range on the S&P of 2016 to the downside and now 2056 to the upside, the most recent high. If 2016 goes then 2007 becomes important support. That's a level the bulls really want to hold. KEY EARNINGS REPORTS Companies reporting earnings today (March 24) include: ACN and GME Companies reporting earnings Monday (March 28) include: SNX ADDITIONS TO WATCH LISTS: Not a great time to add positions with the S&P locked in a tight range BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: BGC - Stock is down by 3% today. A move back below the recent low of $10.41 would put the stock in a position to move even lower. LONGS: Large Cap Watch List There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List There are no Mid Cap stocks on the Watch List at this time. Small Cap Watch List There are no Small Cap stocks on the Watch List at this time. DELETIONS FROM OUR WATCH LISTS: There are no deletions from the Watch List today unless a Watch List stock closes below or above the stop loss provided. I want to wish everyone a restful and peaceful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins, EarningsBeats