EB Daily Market Report - Thursday, March 9, 2023

Dear Members.

This will be the last Market Update of the week and until Tom Bowley returns next Monday.

The bears continue to hold the upper hand as the S&P hovers just above its 200 day moving average, currently at 3941. This is an important technical the bulls don't want to lose because that could lead to additional selling. There is some support at 3928 with the next level of support at 3885.

Of course the picture could completely change tomorrow when the monthly jobs report is released. Or, we could see continued selling, depending on the results. 

Bottomline is we need to continue to tread lightly here and wait and see what develops once the jobs report is released at 8:30 am est. If we do see some improvement we'll want to see if the bulls can reclaim the 50 day, currently right near 4000.

At your service,

John Hopkins