EB Watch List Update Report

MARKET NOTE: Dear Members: What's different about today compared to what we've seen the past four months? The first thing that stands out is all of the major indexes are trading below their respective 20 day moving averages. Next, the VIX is back above its 20 and 50 day moving averages; fear is back in vogue. Next, so far at least, traders are not chomping at the bit to buy on the pullback. The NASDAQ and S&P are a bit higher but the Dow is lower. So in the course of a day+ traders have moved from very optimistic and bullish to being skeptical. As soon as the S&P moved back below its 20 day it was a set up for more selling. I mentioned in my Market Update yesterday that a move below 2350 could take the S&P to 2339. It moved below that level earlier in the session and has since bounced some. But we've quickly gone from key support being key resistance and in the case of the S&P that is now at its 20 day moving average, currently at 2361. Of course the overwhelming response over the past four months to pullbacks has been to buy on the dips. Is that now going to change to sell on any rallies? Maybe. But interestingly the Dow and S&P are actually moving towards oversold territory. They aren't there yet but another day or two of selling could put them closer to being technically oversold. Right now the move lower should be respected. Any hint that more selling is coming could spook more traders. In looking at the S&P the next logical level of support is right at its 50 day moving average, currently at 2327. That's only 10 points below the low of the day. To the upside the bulls know they've got to get the S&P back over its 20 day to regain the technical advantage. So the new trading range right now on the S&P is 2327 to the downside and 2361 to the upside. KEY EARNINGS REPORTS Companies reporting earnings today (March 22) include: FIVE, MLHR and PVH Companies reporting earnings tomorrow (March 23) include: ACN, CAG, GME and KBH ADDITIONS TO WATCH LISTS: We will be adding a new batch of stocks to the Candidate Tracker over the next few days and will let you know whey they are available for your review. Will let members know if find any high reward to risk opportunities worth considering. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List ARNC - Stock is pretty flat after yesterday's move lower. At a minimum it needs to close back above its 20 day moving average, now at $27.34. XL - Stock is up slightly as it continues to consolidate and remains above all key technical levels. A move back above yesterday's high of $40.47 would be very bullish. Mid Cap Watch List APO - Stock is higher by over 1% and a close above $23.71 would be very bullish. Small Cap Watch List CBM - Stock is higher by over 1% as it remains above its 200 day moving average. A close above $51.30 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins EarningsBeats