Pre-opening Comments for Thursday March 19^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points at 8:35 AM EST. The Index dropped below its 200 day moving average at 6,615.70.

S&P 500 futures were unchanged following release of the March Philly Fed Manufacturing Index at 8:30 AM EST. Consensus was a drop to 8.4 from 16.3 in February. Actual was an increase to 18.1.

Brent Crude Oil advanced $6.73 to $114.11 per barrel on reports that Iran has attacked oil and natural gas production facilities in the Persian Gulf.

Micron dropped $15.00 to $446.73 despite reporting higher than consensus fiscal second quarter revenues and earnings.

Five Below (FIVE) added $14.03 to $226.50 after reporting higher than consensus fourth quarter results.

EquityClock’s Market Outlook for March 19^th

Inflation hedges continue to add alpha to portfolios, but we continue to seek an opportunity to rotate to higher yielding assets when the timing is appropriate. See:

https://equityclock.com/2026/03/18/stock-market-outlook-for-march-19-2026/

Responses to the FOMC report released at 2:00 PM EST

At 2:00 PM EST the FOMC maintained its lending rate for major U.S. banks at 3.50%-3.75%.

S&P 500 moved lower

U.S. Dollar ETN (UUP) spiked higher

The VIX Index spiked higher

Yield on 10 year Treasuries ($TNX) spiked higher.

Major U.S. Bank SPDRs (KBE) moved lower

The Canadian Dollar ($XDC) moved sharply lower.

Technical Notes

Three Dow Jones Industrial Average stocks trading below support setting an intermediate downtrend: Home Depot (HD) on a move below $335.47, MMM on a move below $147.16 and Visa (V) on a move below $303.08. Also MasterCard (MA) an S&P 100 stock broke support on a move below $490.00.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 18^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for March 18^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 18^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Commodities Update 2026: Oil, Uranium, Gold, Natural Gas & More: ValueTrendCanada

Commodities Update 2026: Oil, Uranium, Gold, Natural Gas & More – YouTube

Emerging Markets: Stirred, But Not Yet Shaken: Goldman Sachs

Emerging Markets: Stirred, But Not Yet Shaken – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.80 to 29.80. It remains Oversold. Daily downtrend was extended.

The short term Barometer dropped 7.80 to 19.20. It remains Oversold. Daily downtrend was extended.

The long term Barometer dropped 2.80 to 48.80. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 8.30 to 36.41. It changed from Neutral to Negative on a move below 40.00. Daily downtrend resumed.

The short term (20 days) Barometer plunged 7.83 to 32.26. It remains Oversold.

The long term Barometer dropped 1.38 to 75.12. It remains Overbought.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

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