Market Notes for 3/6-3/10
Recap of last week: Last week, our prediction was for a quick downdraft on Monday into Tuesday, followed by a possible bounce into the end of the week. If we hit 400 early in the week, that was a possible spot to short. We saw weakness early in the week, but it was definitely not quick. However, the rest of our prediction was on point, as we saw a quick rejection off 400 after a bounce on Monday, followed by a big rally towards the end of the week.
Economic Calendar/Important Earnings for the week: Powell starts his two-day testimony in Congress on Tuesday. Although this event can create intraday volatility, it has largely been a non-event. Jobs are likely to be in focus this week, with JOLTs on Wednesday and Nonfarm Payroll on Friday, which should generate good movement.
Monday
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