EB Daily Market Report - Brief Update - Tuesday, March 24, 2026

Please plan to join us this afternoon at 5:30pm ET for our latest LiveStream event, "Is Wall Street Manipulating This Market?".  Room instructions have been sent out in a separate email.

Because I'm currently preparing for the event, I'm just providing a very quick update. 

Our major indices gapped lower, giving away more of yesterday's opening gap higher after President Trump said the U.S. would delay, for 5 days, any bombing of energy infrastructure in Iran.  That provided a boost in the early going on Monday, but it's been difficult to hang onto that gain.  Growth stocks (IWF, -0.97%), in particular, are struggling today on a relative basis, while the Dow Jones (DIA, -0.10%) and small cap Russell 2000 (IWM, +0.34%) have performed better on a relative basis.

Technology (XLK, -0.72%) is weak today, but is one key area that has continued to hold onto its key support around 134-135.  I'm watching that level closely for signs of another market downturn.  It's trading around 136 right now.

While the most aggressive sectors - XLK, XLY, and XLC - performed well on yesterday's opening strength, these sectors are clearly the problem today as they all sit at the bottom of the sector leaderboard.

Bottom line, we're not out of the woods at all.  It's always nice to see positive announcements about the war, but we have a lot of issues to work through in 2026, not just the war.  In my opinion, market makers used yesterday's opening gap higher to further exit growth, not exactly what we see in the formation of bottoms.

While I'm still not expecting a major cyclical bear market, I'm certainly not ready to call the end of this weakness and potential correction.

I hope to see you later today!

Happy trading!

Tom