3/27/23 A Buyer Emerges, Friday’s Lower Low


On Friday, the markets ended generally higher.

After gapping down and opening in the red, buyers steadily pushed prices higher into a modest victory for the bulls.

Every major index ended the day with gains…

  • Dow Jones +0.4%
  • Nasdaq +0.3%
  • S&P 500 +0.6%
  • Russell 2000 +0.9%

The gains came despite new cracks showing the global banking system.

Photos by Getty Images & First Citizens Bank

Shares of German-based Deutsche Bank (DB) tumbled more than 10% in early trading as fear spread that it could be the next bank to fail.

  • Regulators and other banks defended against the failure rumors
  • DB stock closed down just 3%

Significant portions of Silicon Valley Bank, whose failure started the banking crisis, are being acquired by the 125-year-old Raleigh, NC-based **First Citizens Bank (FCNCA), according to a press release.

  • The bank will “assume … deposits of $56 billion and loans of $72 billion”
  • It plans to reopen 17 branches operating as “Silicon Valley Bank, a division of First Citizens Bank”
  • At writing, shares of FCNCA are up more than 12% in pre-market trading

**Trading For Keeps is a registered DBA. Its parent company maintains deposits at First Citizens Bank.

Sector Round Up

During Friday’s generally bullish session, the sectors mirrored the indexes.

9 of the 11 sectors ended Friday in positive territory.

The safer sectors were at the top…

  • Utilities (XLU) +3.1%
  • Real Estate (XLRE) +2.6%
  • Consumer Staples (XLP) +1.7%

The losers…

  • Financials (XLF) -0.1%
  • Consumer Discretionary (XLY) -0.3%


Let’s zoom on the S&P 500’s chart…

SPY Daily Candles – Chart by thinkorswim

Despite Friday’s gains, the overall direction is still pointing lower. 

Friday’s session posted both a lower low and a lower high than the previous session, making a case for the bears.

At this point, we don’t have enough evidence to flip bullish. A clean breakout above $400 will force us to reconsider.

Our top data points are tilted toward the bulls…


It’s the last trading week in March. The coming Friday will mark the end of Q1 2023.

Scheduled news is light this week…

  • Tuesday, Micron Technology (MU) reports earning after hours
  • Thursday, The final GDP estimate for Q4 2022 will drop premarket


*Low Float
^Open Position

*DHHC on watch
*JMAC support at $12
*BLPH support at $7
^AEHR support at $37
ZURA on watch
ARAV support at $2.20
^CIFR support at $2, resistance at $2.50
ETNB support at $15.50
ALDX support at $8
NAAS resistance at $6
PRQR support at $3.50
DTC support at $6, resistance at $6.80
ACCD support at $13, resistance at $13.50
EMAN on watch
^SQSP support at $28
NVTS resistance at $7
^IOT resistance at $18
KC support at $5.50
AUPH support at $10
RELY support at $16
RIOT support at $8
ONON support at $28

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