Market Update 3/24/23 As the market opens S&P futures are at 3920 If the SPX confirms the downturn at today’s close, then you can anticipate that it will continue to go down for probably next week and and possibly longer. As I’ve said before I would expect the SPX to go down to its long-term support at ~3505 after it breaks 3800. We need to see the VIX go up to its resistance level of 35.3 to start to feel we are nearing the end of this bear market. But it is not impossible to see it at 50 to turn these markets around which has happened in the past WTI crude oil has been on a down turn and if it closes today below 70/bbl we could easily see it at its next support level of $62bbl and could easily stay there for the next few months Duetch Bank is down 14percent raising concerns again over the health of the European banking industry.
Posted by Suze at 2023-03-24 13:55:35 UTC