News:
Monday opened with gaps up across the board.
Early gains were driven by the **First Citizens (FCNCA) acquisition of the failed Silicon Valley Bank.
- FCNCA stock finished the day 54% higher
- The company’s market cap grew by $4 billion
However, the early rally failed to gain momentum. After a strong open, markets chopped around, and the major indexes ended the day mixed…
- Dow Jones +0.6%
- Nasdaq -0.5%
- S&P 500 +0.2%
- Russell 2000 +1.1%
**Trading For Keeps is a registered DBA. Its parent company maintains deposits at First Citizens Bank.
Sector Round Up
The market had a clear bullish tilt on Monday.
8 of the 11 sectors ended Monday with gains.
At the top…
- Energy (XLE) +2.1%
- Financials (XLF) +1.4%
- Industrials (XLI) +0.8%
The losers…
- Real Estate (XLRE) -0.3%
- Communications (XLC) -0.6%
- Technology (XLK) -0.8%
Technicals:
Fear has essentially vanished from the market. The VIX closed at its lowest level since the banking crisis began…
Our key indicators aren’t offering any additional direction…
- RSI levels are all neutral
- The Put-to-Call Ratio returned to neutral
Timing:
The month of March tends to end weak. And April is one of the most bullish months of the year.
With fear essentially gone and the most bullish time of the year on the horizon, markets have no reason to go any lower.
We’ll be watching the charts closely for a clear change in direction.
Today we remain neutral. We have not covered our short positions as the charts have not changed yet.
Watchlist:
*Low Float
^Open Position
*BLPHsupport at $7
*FCNCA support at $850
CMPR support at $40
^AEHR support at $37
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 resistance at $14
^SQSP support at $28
^IOT resistance at $18
KC support at $5.50
AUPH support at $10
RELY support at $16
RIOT support at $8, resistance at $10
ONON support at $28