DTI Daily Rundown - March 21

On TBUZ TV Today: 4009.00 Pivot. 4045.00 Resistance 3960.00 Support Open of 2023: 3895.00, Open of March 3968.50 Overnight climb in the market. NQ catching up. Gold pulling back. Bullish tint to the market.

Market Review:

All Eyes on Wednesday That CME FedWatch Tool has been very sensitive to changes in the market. We have gone from a near certainty of a quarter point rate hike, to a near certainty of a half point rate hike, and back to a certainty of no changes to rates, and as of this morning, an 84.9% probability of a quarter point rate hike. Eight weeks ago after the FOMC press conference and statement from February 1 the view with the most traction was the FOMC would raise by a quarter point on March 22. In the weeks leading up to March 22, that viewpoint has been all over the place. Sometimes, the best view we get on what the FOMC will do next, actually comes from the FOMC.

Over 70% of stocks track with the S&P 500 Futures

Major Events: Mar 22 FOMC Statement Mar 24 Flash Services PMI Mar 28 Consumer Confidence Mar 31 Core PCE Apr 3 ISM Manufacturing PMI Key Numbers Opens: Above or Below 4085.75 was the open of Feb 2023 3986.50 is the open 3968.50 is the open of the Month 3963.75 is the open of the Week 3895.00 is the open of 2023

What's Hot and Not! Gold Gold Futures opened the month at 1827.10 and the low in Gold this month has been 1811.50. Recently Gold has pushed up to a high of 2003.90. However, they have pulled back off those highs and may be seeking support. Friday's low and open in Gold 1946.00 may be the next level down, but for now, keep an eye on 1966.00.

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