The S&P 400 Midcap Index is up just under 8% year to date. That puts its performance in close proximity to the S&P 500 and the Nasdaq. I think this is important because… 

Yesterday’s market was the latest example of how difficult, if not futile, it is to try to sharp shoot near-term support and resistance targets, and to set objectives for the major market indices. 

This is a Fed-decision Wednesday. The Fed due to announce its decision on interest rates early this afternoon and perhaps more importantly investors will be awaiting the accompanying statement… 

The CBOE Volatility Index (“fear index”) has been in a basic downtrend since October 2022, but since then there have been several instances where it has established a short-term base… 

Several weeks ago, I mentioned that it seemed to me that the CBOE Volatility Index was in a bottoming formation, and that I believe continues to be the case… 

March has ushered in a bit more volatility. I think this is part of that micro-cycle factor… 

Energy is the “E” in “THEM” — an acronym I first mentioned nearly 20 years ago to describe what I believed was the core leadership in the market at the time. 

AI stocks snapped back sharply yesterday, but most failed to move above the level set in last Friday’s session. 

Yesterday I commented on the high-volume reversals that we saw in a number of the AI stocks and other aggressive growth areas…but I don’t think we’ve seen a major top in that area of the market. 

The seemingly unrelenting rally in AI stocks may have faced its first technical challenge in last Friday’s session.