Technical Assessment: Neutral in the Intermediate-Term

Argus

•

Mar 04, 2025

Summary

Down periscope! Monday was different disfigured time for large banal indices, sectors, industries, and idiosyncratic stocks. And, erstwhile again, it occurred connected higher-than-average volume, a motion of organization selling. The S&P 500 (SPX) dropped 1.8%, the S&P 100 fell 2%, the Nasdaq gave backmost 2.6%, the Nasdaq 100 (QQQ) mislaid 2.2%, and the S&P 400 and S&P 600 fell betwixt 2.3% and 2.4%. Both the Nasdaq and the QQQ made caller pullback lows, with the Nasdaq closing close connected its 200-day mean -- the archetypal clip the scale has deed its 200-day since August 2024. The QQQ got wrong points of its 200-day earlier rallying a spot astatine the extremity of the day. The SPX held its intraday and closing lows from January, but not by much. Energy (XLE) declined 3.5% connected large weakness successful ember (-7%), E&P (-4.4%), lipid instrumentality and services (-4.2%), and integrated O&G (-3.4%). Information Technology cratered 3% arsenic semiconductors and renewable vigor instrumentality plunged 3.5% to 6.6%. The iShares Semiconductor ETF (SOXX) is present investigating its lows from 2024, portion the VanEck Semiconductor ETF (SMH) has immoderate country earlier reaching those lows. Materials fell 2%, Consumer Discretionary mislaid 1.8%, Industrial declined 1.4%, Communication Services was disconnected 1%, and Financial dipped 0.8%. Just different risk-off time for stocks. Distribution days are p