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Market Recap – Monday, March 12th 2018

March 12, 2018

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SP 5002783.02-3.55(-0.13%)
10-yr Note+8/322.865
NYSEAdv 1605Dec 1293Vol 798.5 mln
NasdaqAdv 1736Dec 1194Vol 2.29 bln


  • Investors hit pause following big Friday rally, quiet weekend.
  • Industrials show relative weakness, weigh on Dow Jones Industrial Average.
  • Chipmakers outperform, help push tech-heavy Nasdaq to new record.
  • Crude oil continues to pull back.
  • US dollar flat.


RECAP– The market surged higher on Friday on the back of an upbeat jobs report, but found intraday resistance between 2790 and 2800 before it began to retreat. Crude oil continued to pull back as it bounced off $60.50. The US dollar had a volatile day, but ultimately closed flat.

In-depth look of daily news at Briefing.com (CLICK HERE)

In-depth look at after hours movers (CLICK HERE)

Economic Calendar


  • Nothing major today.

Upcoming Reports

  • March 13: CPI m/m
  • March 13: Core CPI m/m
  • March 14: Core Retail Sales m/m
  • March 14: PPI m/m
  • March 14: Retail Sales m/m
  • March 14: Crude Oil Inventories
  • March 15: Unemployment Claims
  • March 16: Building Permits


FedWatch March 21 Rate Hike Probability for March 12:  86.0% (View the probability chart here)

A Look At The S&P 500 Chart – KEY Levels

  • RSI is at 50 signifies neutrality.
  • On Balance Volume is at its moving average.
  • The market has been experiencing major volatility over the past month for the first time in a while.
  • In the medium term, the market is consolidating following a sharp correction in early February.
  • Last Friday saw the market surge higher, past its moving averages.
  • The market came into a resistance level around the 2790 zone which it found difficult to break if it would be considered bullish again.


A Look Into the Heat Map

The market saw plenty of weakness, with Technology and Utilities outperforming other sectors.

(click on symbol for chart)
SPX – Neutral
DOW– Neutral
Nasdaq– Neutral
Russell – Neutral

VIX – 15.78


Oil (USO)Bullish
Ag (DBA)Neutral
GLD Bullish 


UUP USD weighted ETF – Bearish



Last Friday’s jobs report was nothing short of spectacular so long as those figures hold steady. Adding 313K jobs for the month of February is a huge result and shows that the labor market is humming along. Despite a stellar jobs report, the unemployment rate remained the same at 4.1%, which is not necessarily a bad thing as nearly 600K people re-entered the job market. The jobs added was largely offset by an increased labor participation rate, which are both optimistic signs as it signals a healthy job market that is ready to expand. What was a little concerning is that hourly earnings growth was a little stagnant at 0.1%, but wage growth is usually a lagging indicator as it comes after the slack in the labor market tightens. All of these factors should continue to fuel the Fed as it becomes increasingly hawkish and are starting to look more likely that they will lean toward four total interest hikes for 2018 as opposed to the three that were previously forecasted. How the market responds to a hawkish Fed is a completely different situation.

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