EB Daily Market Report - Friday, March 10, 2023

Dear Members.

A brief update since the markets have been rattled by bank related developments.

The sudden collapse of SVB Financial Corp (SIVB) has the whole market on edge. While the meltdown of SIVB might be contained, we are seeing stocks in other financial institutions pulling back significantly as well. This in turn has traders on edge with the S&P now just below the level I referred to yesterday of 3885.

This angst in the market is likely to keep traders on the sidelines into the weekend. Then on Monday the market can be reassessed. 

This is one of those times when it makes a lot of sense to proceed with extreme caution. Next key support on the S&P is right around 3800.

Tom Bowley will be back on Monday with his regular Market Update.

At your service,

John Hopkins