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Sizing Up the S&P 500

  • S&P 500 closes at record high above 5200
  • Advance / decline line shows positive breadth
  • Rate of change remains positive
  • Wilder’s Relative Strength Index (RSI) stays above 50
  • Cyclicals lead in past week: energy, communications, industrials, consumer discretionaries, financials
  • Safe havens lag: Real estate, health care, consumer staples, utilities
SPDR S&P 500 ETF (SPY), daily chart, with select indicators.

Key News:

  • Fed doves unite around 3 rate cuts as GDP, inflation estimates rise.
  • Chinese retail sales, industrial and capex beat in January-February
  • Bloomberg: Apple (AAPL) and Alphabet (GOOGL) to collaborate on AI for iPhones
  • Energy Sec. Granholm wants to refill SPR this year
  • Goldman: Hedge funds buying bank stocks
  • Intel (INTC) plans 5-year capex building U.S. chip foundries
  • Housing starts, building permits, NAHB sentiment beat estimates
  • Bank of Japan hikes for 1st time in 17 years
  • Micron Technology (MU) guides EPS 5x above estimates, revenue 10% above estimates.
    • Operating leverage → margin expansion

Signals Scan

  • Mitsubishi UFJ (MUFG) pulls back to 21-day EMA
  • Palantir Technologies (PLTR) pulls back to 21-day EMA
  • Broadcom (AVGO) pulls back to 50-day MA
  • Autodesk (ADSK) consolidates after 3/1 earnings, guidance
  • Chemicals attempt weekly breakouts: Eastman Chemical (EMN), LynondellBasell (LYB)
  • Super Micro Computer (SMCI), NXP Semiconductor (NXPI) near bottom of Keltner channels

Upcoming Events

  • Mon 3/25: New home sales
  • Tue 3/26: Consumer confidence, durable goods orders
  • Wed 3/27: Oil inventories
  • Thu 3/28: Initial jobless claims
  • Fri 3/29: Good Friday (markets closed)

Using the Platform

  • Bars since X% move custom indicator counts how many bars since prices rose/fell by a certain threshold.
    • EasyLanguage: “CurrentBar” is the price bar numbered from oldest to most recent
    • EasyLanguage: Close[0] = last price of current bar viewed by indicator
    • EasyLanguage: Close[1] = last price of preceding bar

Standardized Performances for ETF mentioned above

ETF1 Year5 Years10 Years
SPDR S&P 500 ETF (SPY)+28.22%+82.32%+172.74%
As of February 29. Based on TradeStation Data.

Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement visit

Exchange Traded Funds (“ETFs”) are subject to management fees and other expenses. Before making investment decisions, investors should carefully read information found in the prospectus or summary prospectus, if available, including investment objectives, risks, charges, and expenses. Click here to find the prospectus.

Performance data shown reflects past performance and is no guarantee of future performance. The information provided is not meant to predict or project the performance of a specific investment or investment strategy and current performance may be lower or higher than the performance data shown. Accordingly, this information should not be relied upon when making an investment decision.

Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. See Characteristics and Risks of Standardized Options.

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