Daily Market Update for 3/10

Original Chart


A brief update for today due to time constraints.

Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.

Thursday, March 10, 2022

Facts: -0.95%, Volume lower, Closing Range: 85%, Body: 15% Green
Good: Closing range, long lower wick. Support at 13,000. Lower volume on decline.
Bad: Lower high, lower low
Highs/Lows: Lower high, Lower low
Candle: Thin green body above a long lower wick
Advance/Decline: 0.66, three declining stocks for every two advancing
Indexes:SPX (-0.43%), DJI (-0.34%), RUT (-0.23%), VIX (+0.63%)
Sector List: Energy ( XLE +3.06%) and Consumer Discretionary ( XLY +0.71%) at the top. Consumer Staples ( XLP -0.95%) and Technology ( XLK -1.75%) at the bottom.
Expectation: Sideways or Higher

Market Overview

A brief update for today due to time constraints. Inflation data continues to surprise higher than forecast, giving more reason for the Fed to take action with higher interest rates.

The Nasdaq closed with a -0.95% decline. The candle has a 15% green body above a longer lower wick that resulted in a high 85% closing range. The support at 13,000 is positive and will hopefully continue to hold in the next few sessions.

Looking ahead

Michigan Consumer Sentiment and Expectations for March will be available in the morning after the market opens.

Trends, Support, and Resistance

The Nasdaq dipped in the morning to the 13,000 support area but then recovered to close above the area.

The one-day trend line points to a +0.63% advance for Friday.

The five-day trend line and the trend line from the 2/10 high end with a -1.16% decline for tomorrow.


After oil prices soared and Nickel prices rose on a massive short squeeze, the inflation data just piled on with bad news. So the positive is that the market didn’t react more to the downside. It’s good to see support at 13,000 and we have two days of the closing range above 80%.

The expectation for Friday is Sideways or Higher.

Stay healthy and trade safe!


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