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.
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%
- Financials (XLF) -0.1%
- Consumer Discretionary (XLY) -0.3%
Let’s zoom on the S&P 500’s chart…
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…
- The VIX ended Friday below 22.50 — A bullish sign
- RSI levels are all neutral
- The Put-to-Call Ratio is still oversold — Also bullish
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
*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