March 27, 2024

Markets:

Stock futures are up Wednesday following a losing session on Wall Street that pulled the indexes further from record levels.

Those moves following a negative day for the three major indexes. The Dow slipped nearly 0.1%, while the Nasdaq Composite fell 0.4% as technology stocks struggled. With a slide of 0.3%, the S&P 500 saw its third down trading day in a row.

Traders will monitor commentary from Federal Reserve Governor Christopher Waller Wednesday evening. There’s no closely followed economic data expected on Wednesday.

Later in the week, investors will watch for data on jobless claims, gross domestic product and consumer sentiment on Thursday. While the market is closed on Good Friday, attention will be on releases tied to personal income, consumer spending and the personal consumption expenditures expected in the morning.

The Japanese yen hit its weakest level against the greenback on Wednesday in about 34 years, falling to as low as 151.97 before strengthening slightly.

Portfolio:

We enter the new trading session holding set-ups in DKNG, IONQ, TSLL, IBIT, and PATH. Queue continues to ignite and although the overall price activity has been really boring the last few sessions, the market is setting up for a monster move higher based on indicators with call lots and also the price activity / chart we see in the S&P. It'll be really interesting to see this materialize over the next week. It's brewing. Be ready but as a friendly reminder, end of quarter trading – which we are currently in – has always been a roller coaster for the markets. No reason to press here, especially with the shortened week.