03.24.23 Stock Market Preview: Cue the Piano Music

Europe is getting smoked this morning.

Yesterday was a disastrous intraday reversal on meh volume.

And the charts below indicate that Petula Clark will be singing tonight.

That’s not good.

That’s worse.

A quick addition to my note:

If 3900 does not hold on the S&P 500 today and we crash below that level with volume, all bets are off. A lot of traders will begin their two week Easter & Passover vacations starting today and do not want to be long. With a weak month end hitting next week and anyone else of relevance leaving for just a week of vacation, liquidity to support the markets may well dry up rapidly; especially if anyone gets a whiff of rental cars and FDIC boys and girls at any of the regional banks after lunch.

We might have an all day deathburger on the menu.

See you guys and gals tonight as it could be FDIC Friday again too.

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