DC Lite #327

1. Sentiment indicators. "Goldman's average of sentiment indicators is now smack-dab in the middle."

2. VIX futures positioning. "Futures Traders have accumulated a rare Long VIX position — historically, this occurred near the bottom of stock market corrections / tops in the VIX."

3. SPX vs. 200DMA. The S&P 500 reclaimed its 200-day moving average today.

4. Seasonality. "Looking at the S&P 500’s average trajectory over the prior five years (2020-2024) the index has tended to top on February 16th, bottom on March 12th, and start to rally again on March 23rd."

5. Equal-weight valuation. “The equal-weighted S&P 500's forward P/E is essentially right at its average over the past decade.”

ICYMI

• Fri 3/21 #326: Goldman has CTAs modeled as buyers of US equities in all scenarios over the next week and month.

• Thu 3/20 #325: The percentage of 'Buy' ratings for S&P 500 stocks is on track to end the month at its highest since August 2022.

• Wed 3/19 #324: "Can stocks fall 10% this year? Maybe, but history would say something bad needs to happen"

• Tue 3/18 #323: "The Magnificent 7 are finally acting as a group — besides Apple, they’re all tumbling together"

• Mon 3/17 #322: "So far, industry analysts haven't gotten either the tariff memo or the recession memo"