The Generals will mark up 1st quarter returns

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The SPX reversed on an
RST sell entry yesterday
following the 1310.88 intraday high and
carried down to a 1295.81 intraday low, closing at 1297.23, -0.6%. That was a
Moonshot for daytraders. In order for that RST to set up, the 1310 Monday high
had to be taken out.

NYSE volume was 1.55 billion shares, with the VR 31 and breadth -1432. The air
pocket yesterday follows six straight up-days by the SPX and a short-term
overbought condition measured by the volume ratio, breadth and the 5 RSI. The
3/20 – 3/22 time period kicked in with a good short-side chop for daytraders in
the major indices yesterday. However, in the morning, traders caught significant
upside moves in the SMH and other trading service semi focus stocks like BRCM,
MCHP and KLAC. NVDA gapped, so there was no valid entry. The other primary focus
yesterday was the energy stocks, and they gave traders excellent long-side moves
using the First Hour strategies. The afternoon downside reversals took the semis
and energies back to the starting gate, so they are front-and-center once again

The media is working toward their monthly interest rate crescendo over the next
Fed action which means very little because the Fed has continued to print money
at a record pace and that is why they are ending the M3 reports this month. With
eight trading days left in Q1, the Generals/hedge funds won’t let the market
come in too much so the long side in the major indices can be played on
weakness. For the SPX, the initial focus is 1297 – 1295, followed by the 1291 – 1290

Have a good trading day,

Kevin Haggerty