Trading Plan: 27 March 2023

Nasdaq (+0.31%) had an inside day with low volumes. It seems the traders are still waiting for a direction. The overall reaction to the FED news is not bad, but watching and waiting for a direction is paramount now. The price is above all the key averages and might test the recent highs or even the next resistance at 12,100–12,270. As always, be prepared for the red scenario by watching the averages and last week low at 10,985.

SP-500 (+0.56%) also had a pause day, consolidation between the key averages. The average volumes confirm that traders are not betting yet on a specific direction. A price above the downtrend line with volumes might be constructive while a close below the SMA200 or even below the recent low at 3810 could signal lower prices for the index.

In the news

First Citizens to buy a large chunk of failed Silicon Valley Bank.

Amazon and other retailers revamp ‘free’ shipping as costs soar.

Elon Musk puts $20 billion value on Twitter, The Information reports.

Apple CEO praises China’s innovation, and long history of cooperation on Beijing visit.