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Market Commentary: SPX Today

Mar. 12, 2021 8:30 AM ETS&P 500 Index (SPX)SPY, IVV, VOO, VFINX, VIX
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  • Narrow Closing Range: 3915-3964.
  • Broad Closing Range: 3870-3995.
  • Market Outlook: Bullish.

While we may have a rest day here today, underlying mechanical realities of the market are now supportive of higher prices. It's safe to go back in the water, the bears are hibernating for now.

Equity Indices Thread from most bullish to least bullish: Russell 2000, S&P 500, NASDAQ

Volatility is pretty well dead in the water for this moment. I don't expect to see much upside or downside there. It's difficult to get much beneath the 20-handle on the VIX and there's no reason for it to rise. We'll call whatever movement happens here noise rather than signal. VIX could be a nice daytrade scalp to fade--long when it's down and short when it's up.

Happy Trading!

Analyst's Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in SPX over the next 72 hours.

I have no positions in any stocks mentioned but may initiate a long or short position within the next 72 hours.

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