Market Analysis (22 March’21)

U.S. stocks climbed on Monday, as gains in technology stocks powered the Nasdaq higher. Investors continued to follow the bond markets after a drop in the price of U.S. government debt last week. Ten-year Treasury notes recovered some ground Monday, sending yields down to 1.682%, from 1.729% on Friday. Yields have climbed for seven consecutive weeks, denting segments of the stock market that had benefited from several years of low interest rates.

TREND ANALYSIS

S&P500: Monthly, Weekly and Daily Heikin Ashi Charts

Nasdaq: Monthly, Weekly and Daily Heikin Ashi Charts

Russell: Monthly, Weekly and Daily Heikin Ashi Charts

Dow Jones: Monthly, Weekly and Daily Heikin Ashi Charts

FUTURES PRICE LEVELS

S&P500

Key short-term pivots: 3943 and 3900

ES, 1h

Nasdaq

Key short-term pivots: 13300 and 12700

NQ, 1h

VIX CONTINUES TO DROP

VIX closed below 19 today for the first time since the late February 2020. If the fear index can stay below 20 in the coming weeks, we should expect S&P500 and Nasdaq to make new all time highs in the near future.

VIX, daily

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