3/23 Recap. Something Is Wrong With Financials.

I don’t know what’s coming, but the price action in financial stocks is a bit eerie to me. It seems to me like something bigger is coming, they all almost have the same bear flag breakdown pattern. Below is Schwab and Bank of America, their charts are identical and just show too much selling that is overwhelming the dip buyers. I saw a ton of puts going off in financials and I will have those below for you. I’m not sure how this plays out, but from what I’m seeing now, this doesn’t appear like a sector you want to touch for the moment.

The SPY rejected the old uptrend perfectly again today, it is just tangled up in this web of moving averages as it again rejected moving higher. It continues to be in no man’s land where we just have no direction.

This entire move in 2023 is basically a handful of megacap tech stocks carrying the market as you can see below. 5 companies are keeping this market strong as the rest do almost nothing. We’ve seen this in the past, today they’re a beacon of safety as the rest of the market continues to show worrisome signs.

Today’s Unusual Options Flow & What Stood Out