Market Analysis (24 March’21)

U.S. stocks closed lower Wednesday as investors continued to pull back from the technology stocks that led the market higher for much of the last year.

IT IS NOT JUST NASDAQ

The Emerging Markets ETF (EEM) has formed a failed break out attempt (or a Bull Trap) during the last several weeks (see chart below). The ETF has already dropped 11% since its recent peak in mid February 2021.

EEM, weekly

FUTURES PRICE LEVELS

S&P500

Key pivots: 3878 and 3945

ES, 1h

Nasdaq

Key pivots: 12700 and 13150

NQ, 1h

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

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