There is a sense of gloom in the markets as we look around the current state of the economies. The US job numbers for the previous months have been revised downwards and there is a sense that the high interest rates are creating a tough environment for businesses to survive.

The Housing Market is also beginning to face difficulty and we are beginning to see more foreclosures in the US.

The banking sector is showing weakness with one news report saying that 500 banks could fail! Here is an analysis of the major news events for March 2024.

March 12, 2024 – CPI Y/Y

This is a major market mover and there are whispers that the CPI will be higher than expected. This won’t be good for the market. I am taking a bearish position on the S&P given that it has created a high last week and showing some weaknesses before the report is released.