Trading Adventures

Trading Adventures

Share this post

Trading Adventures
Trading Adventures
BREAKOUT
User's avatar
Discover more from Trading Adventures
I write about charts & trading | Chartered Market Technician, Pro Trader, and former Senior Portfolio Manager at Morgan Stanley | simplifying technical analysis | not investment advice
Over 1,000 subscribers
Already have an account? Sign in

BREAKOUT

Market Update March 21, 2024

Mar 21, 2024
4

Share this post

Trading Adventures
Trading Adventures
BREAKOUT
Share

The Markets

Yesterday, all eyes were on Jerome Powell to hear his tone and The Dot Plot to gather hints about how many rate cuts could be in store for 2024.

Before that, on Tuesday, small-caps looked vulnerable as the Russell 2000 futures broke below a trendline.

Thanks for reading Trading Adventures! Subscribe for free to receive new posts and support my work.

Russell 2000 futures a/o Tuesday afternoon, March 19

At the beginning of the year, as many as six rate cuts were expected.

By yesterday, the consensus was down to three. The market knew that and expected as much. What it did not expect was a dovish and even complimentary Fed Chairman.

That's what we got at the 2:30 press conference.

Powell said that he “thinks the market has it right” and that “he’s not worried about the jobs data.”

Employment is strong. Wage growth is positive. The economy is growing and resilient.

That was enough to send stocks to new highs and bears to the infirmary.

Russell 2000 futures today, March 21

The hammer on the 21-day MA overpowered the sellers, resulting in a failed breakdown. As we know, from failed moves come fast moves in the opposite direction. RTY futures follow the script by breaking out today.

The SP 500, which had already reached a new closing high on Tuesday, went higher to do it again. As did the Dow Jones Industrials.

Breakout confirmed.

The NASDAQ moved back over the short-term moving averages while the small-cap Russell 2000 index logged impressive gains for the day.

They didn’t reach breakout status immediately, but they got the job done today.


The Charts

SPY breaks out of the consolidation range and into new highs once again. The technical picture continues to show a persistent bullish trend with shallow pullbacks that have been quickly bought.

QQQ narrowly logged a new closing high today after nearly a month of consolidation. Though it was well off today's highs, the overall uptrend has resumed after a short break.

IWM books a new closing high for the year, while the pivot high is still a few points overhead. Small-cap participation increases overall market strength.

Thank you for reading Trading Adventures. This post is public, so feel free to share it.

Share

DIA finally rose above the range it entered in late January.

TLT stays close to the range and near all key moving averages. Quiet action here leaves more room for stocks to rise.

DXY Dollar futures expand the very short-term range without moving much in one direction. Continue to monitor; however, stocks seem to pay less attention.

BTCUSD sees some volatility, working off the incredibly strong, recent move. So far, the AVWAP from the breakout has been support.

Leave a comment


The Trade

We will continue to focus on long positions in this strong, bullish environment.

Positive price action refutes doubts and uncertainties quickly, and each opportunity for a pullback seems to be cut short. Overbought conditions and extensions from the short-term moving averages repeatedly get resolved in a calm, orderly fashion. Potential support levels keep proving to be actual support levels.

Buy uptrends and manage risk.


As always, weekly charts will be out Saturday morning on X. Join me there for a look at the longer-term charts, market breadth, sentiment, and other macro big-picture factors.

See you then.

@Andy__Moss on X

Thanks for reading Trading Adventures! Subscribe for free to receive new posts and support my work.


Elevate Your Trading

Education, training, and support for your Trading Adventure.

Options Trades - Weekly trade ideas are delivered to your email or text messages in language you can easily understand.

Check out EpicTrades from David Prince and T3 Live. Epic Trades from David Prince


Community - Are you an experienced trader seeking a community of professionals sharing ideas and tactics? Visit The Inner Circle, T3 Live’s most exclusive trading room - designed for elite, experienced traders.

The Inner Circle at T3 Live


Prop Trading - Or perhaps you are tested and ready to explore a career as a professional proprietary trader? 3 Trading Group has the technology and resources you need.

Click here to start the conversation:

T3TradingGroup.com


The Disclosures

***This is NOT financial advice. This is NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.

Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”), an SEC-registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.

Statements in this article represent that person’s opinions only and do not necessarily reflect those of T3TG or any other person associated with T3TG.   

Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual, or it may reflect some other consideration. Readers of this article should consider this when evaluating the information provided or the opinions being expressed.

All investments are subject to the risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors before making any investment decision.   

POSITION DISCLOSURE

March 21, 2024, 4:00 PM

Long:  CVNA0419C90, DELL0419C110, IMNM, IWM0328C210, LABU, NVDA, PLTR0419C25, TNA0322C42, VKTX0419C80, XBI0419C97.50

Short:  

Options symbols are denoted as follows:

Ticker, Date, Call/Put, Strike Price

Example: VXX1218C30 = VXX 12/18 Call with a $30 strike

Thanks for reading Trading Adventures! Subscribe for free to receive new posts and support my work.

EDWARD PAGE's avatar
ON OUR WAY TO THE MONEY's avatar
Bill H's avatar
Tom's avatar
4 Likes
4

Share this post

Trading Adventures
Trading Adventures
BREAKOUT
Share

Discussion about this post

User's avatar
In Memory And Appreciation of Dr. Van K. Tharp
I’m very sad to hear of the passing of Dr.
Feb 26, 2022 • 
Andrew Moss, CMT
13

Share this post

Trading Adventures
Trading Adventures
In Memory And Appreciation of Dr. Van K. Tharp
3
2025 Market Outlook
with David Prince
Dec 30, 2024 • 
Andrew Moss, CMT
7

Share this post

Trading Adventures
Trading Adventures
2025 Market Outlook
2
Relative Strength — What Is It? (Really)
Ratio charts. RSI. Ranking systems. Observation. Here’s how traders actually use relative strength — and why the differences matter.
Jun 26 • 
Andrew Moss, CMT
3

Share this post

Trading Adventures
Trading Adventures
Relative Strength — What Is It? (Really)
6

Ready for more?

© 2025 Moss Trading & Technical Analysis
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Create your profile

User's avatar

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.