EB Daily Market Report - March 15, 2024

Dear Members.

Monthly options expire today and right on cue we're seeing a lot of deterioration in call premium with all of the major indexes deep in the red. 

Both the NASDAQ and Dow are currently below their respective 20 day moving averages while the S&P remains above its 20 day, but not by much.

We've seen a lot of days lately where the market has lost ground during the day only to see a lot of those losses recovered by the time the market closed. WIll that be the case today or could we see further deterioration? In the case of the S&P the 20 day is currently at 5092, a level the bulls want to hold. This is an important level as the S&P has managed to hold that level on any pullbacks since early November. If we do see some late day buying the bulls would like to see the S&P close back above today's high of 5136 with key resistance at the most recent high of 5189.

Rest assured the bulls will work hard to hold the momentum while the bears are hoping to take the market even lower. So let's keep an eye on what develops by day's end and Tom will be back with his weekly report on Monday.

At your service,

John Hopkins