Weekly Market Outlook: Wrapping Up Q1 2024 and Looking Ahead to Spring Trends

This week wraps up Q1 of 2024. Spring is here. More stocks are making all time high than any point over the last year. Breadth is picking up yet bullish sentiment is declining.

As a rule of Gann, the spring equinox on March 21 can mark an inflection point for the markets. If stocks are trading up into this time it can be a top. If stocks are falling into this time it can mark a low.

With the way we have traded it would suggest stocks have clearly gone up into this time. Conversely, crypto has traded down into this time factor but more on that later.

Since we passed through our significant dates in March without any meaningful corrections the next few weeks should be relatively calm. I have April 4th as our next date to watch but I’m not expecting anything too exciting. If we look at some data Stocks have gone up 100 days without a two percent decline for only the 8th time since 1953.

Looking closer you can see that once it has hit this mark they usually keep going at least another week or two. We are also seeing the highest amount of all time highs in over a year. By rule this means we have a strong market in a strong uptrend and it’s most likely to go higher. Finally, we have Powell speaking on Friday to end what should otherwise be a slow week for economic data.