Mid-week market update: On the weekend, I presented this inverted chart of the S&P 500 as a different perspective and rhetorically asked, "Would you buy a stock with this chart?"
At the time, I had a slight bearish tilt on the market. Since then, the news backdrop has been calming. Trump extended the deadline for the implemented of the 50% tariffs on EU imports from June to July. The Japanese long bond initially rallied on news of a lower than expected supply, though the auction overnight of the 40-year JGB was disappointing. Consumer confidence unexpectedly improved, and the prospect of a nuclear deal with Iran may be on the horizon, which would reduce the geopolitical risk premium.
The S&P 500 calmed as well, and it's now back to test the trend line. The next big catalyst is the NVIDIA earnings report due after the close today.
While NVIDIA will largely determine the market's short-term direction, investors can find other pockets of superior performance.
The full post can be found here.
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