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Stock Market Technicals For Week of March 9, 2020 [Premium Articles]

This premium report allows limited free access. The report is for week of March 9, 2020, and includes analysis of major market indexes, large caps, sector ETFs, a chart of the week and a weekly forecast. Access to full article requires Premium Articles subscription.

Report contents

  1. Weekly summary and recap.
  2. Major Index weekly analysis.
  3. Major index overbought/oversold conditions in daily and weekly timeframes.
  4. S&P 100 overbought/oversold stocks in daily and weekly timeframes.
  5. Low volatility versus high beta large caps analysis.
  6. Sector performance.
  7. Chart of the week.
  8. Conclusion.

1. Weekly summary

  • Major stock indexes rebounded after wide swings.
  • Rebound in stocks was mainly due to gains in low volatility large caps.
  • Bond yields plunged most since December 2008.

Recap (March 2, 2020 – March 6, 2020)

Index Week YTD
S&P 500 +0.6% -8.0%
DJIA +1.8% -9.4%
NASDAQ +0.1% -4.4%
Russell 2000 -1.8% -13.1%
10-Year Note -42 bps -1.21%


2. S&P 500 weekly analysis

The S&P 500 index rose 0.6% on a volatile week.

An “inside week” pattern was formed with a thin candle after the solid red candle of the previous week. This two-week pattern points to increased uncertainty while the index is not oversold yet in the weekly timeframe according to PAL OB/OS indicator. A move towards the June 2019 lows around 2875 is highly probable after additional whipsaw and even some more “inside weekly bars.”

In a recent Premium Insights article we included an indicator that has the potential of timing a bottom. Below is the chart with this indicator.

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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No updates to charts will be provided if market condition changes occur that affect the levels on the charts and/or any analysis based on them. All charts in this report are for informational purposes only. See the disclaimer for more information.

Disclaimer:  No part of the analysis in this blog constitutes a trade recommendation. The past performance of any trading system or methodology is not necessarily indicative of future results. Read the full disclaimer here.

Charting program: Amibroker

Data provider: Norgate Data

Copyright notice: Any unauthorized copy, reproduction, distribution, publication, display, modification, or transmission of any part of this report is strictly prohibited without prior written permission

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