The First Quarter is Coming to a Close

U.S. equity markets initially rallied to start the day, only to fade around midday. The S&P 500 closed higher by 8.57 points, or 0.46%, to end the week at 1857.61. Month-to-date, the index is lower by 0.1% and year-to-date, the S&P 500 is higher by 9.25 points, or +0.60%. The 10-Year Treasury Note currently yields 2.71%.

SPX

The internals of equity markets are extremely weak and have been for the past six days, as all rallies have been met with selling pressure. The momentum leaders coming into the week have sold off significantly; to a point that it is surprising that the S&P 500 index is only 1.4% below its all-time intraday high.

The equity plateauing continues and I think the likely resolution is for equity prices to fall in order to find some natural buying interest.

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