Market Notes – March 15/23

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US stocks fell Wednesday as two economic prints showed a slowdown in the US economy in February, while fresh turmoil at Credit Suisse renewed investor concerns over the banking sector.

The S&P 500  dropped 0.7%, while the Dow Jones Industrial Average lost 0.9%. Contracts with the technology-heavy Nasdaq Composite pared earlier losses and ended just above the flatline.

$SPX Technical Analysis Chart Showing Stock Market Trends and Moving Averages for March 2023, highlighting key support and resistance levels to inform investment strategies.

The banking sector has been in free fall, with a benchmark KRE Bank ETF down more than 30% in the last 6 weeks.

$KRE SPDR Regional Banking ETF stock performance March 2023 showing decline, market volatility, and investment trend analysis for financial sector investors.

Half a dozen of these regional banks have seen their shares drop 50-80%.

FRC First Republic Bank stock price decline from March 2023, showing a sharp drop of over 78%, indicating significant financial instability and market volatility.

Many are asking if they should buy these oversold stocks. If you are contemplating that, understand that these stocks has crashed for a reason.  There is still high risk of contagion in the global banking sector, as Credit Suisse struggles today highlighted.

Oil fell to new lows on the year, with WTI falling below $70 a barrel. Over the last couple  of months the Trend Letter has been telling subscribers to watch for oil to drop below $70, and that oil in the mid $60 range would be a great buying opportunity. Today, oil dropped as low as $65.65.  Subscribers of Trend Letter were sent 6 new energy trades today. If you are not a subscriber but would like to be, subscribe here and save $250.

Stay tuned!