By Markus Heitkoetter
Stocks began the month of March on a negative note. In overnight trading the S&P was down more than -1.0% as Ukraine tensions take center stage.
After a weak attempt at closing part of the overnight gap, the S&P stayed between the Previous Day’s Low and S2 Pivot Point for most of the session, eventually finishing down 13.75 points. Meanwhile the DOW experienced triple digit losses on the day and closed 154 points lower.
Commodities were up substantially with both Gold & Crude Oil up over +2.0% on the session. Gold closed at the highest levels since October of last year. But just like Crude Oil, it’s going to be hard to buy Gold at these levels without a decent pullback since Gold has been in an uptrend for most of the year.