TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3937.50 dollars or +78.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3937.50 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=154&t=2323


Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=285&t=3049 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


click on the above image to view today's price action of key markets


4:10 pm: [BRIEFING.COM] The stock market ended its day on a sharply higher note as Fed Chair Janet Yellen boosted equities by striking a decidedly dovish tone. Meanwhile, the outperformance of the heavily-weighted technology (+1.6%) and health care (+1.2%) spaces added support to the move higher. Conversely, a downturn in crude oil and the underperformance of the financial sector (+0.2%) provided for some early weakness in the broader market. The Nasdaq Composite (+1.7%) ended ahead of the S&P 500 (+0.9%) and the Dow Jones Industrial Average (+0.6%).

Equity indices opened their day modestly lower as global bourses struck a risk-off posture ahead of remarks from Fed Chair Janet Yellen. At the same time, a continued tumble in crude oil took some steam out of the equity market. To that point, oil carved out fresh session lows in the morning as investors eyed this evening's weekly API data. However, an increase in risk appetite, courtesy of dovish commentary from Fed Chair Yellen, lifted the energy component off its low. Nevertheless, WTI ended its day lower by 2.7% at $38.32/bbl.

Chair Yellen channeled the dovish undertones from her March 16 press conference as she cited growing risks to the global economy to justify a gradual path in raising rates. Particularly, the Fed Chair mentioned uncertainty over China, low oil prices, and tightening in financial conditions. Furthermore, Fed Chair Yellen pointed to possible shortcomings in monetary policy if another disturbance were to manifest itself. Ms. Yellen noted the "asymmetric" response of monetary policy if economic conditions worsened, given the fed funds rate this close to zero.

All ten sectors ended the day in the green with heavily-weighted technology (+1.6%), utilities (+1.4%), and health care (+1.2%) leading the upside. Meanwhile, the economically-sensitive financial sector (+0.2%) and commodity-sensitive energy (+0.4%) and materials (+0.4%) showed the slimmest gains.

The influential technology sector (+1.6%) outperformed throughout the day, but enjoyed a strong bid following the conclusion of Fed Chair Yellen's speech. Apple (AAPL 107.70, +2.51) and Microsoft (MSFT 54.71, +1.17) outperformed as large names saw an influx of buying interest. Meanwhile, Yahoo! (YHOO 36.32, +1.09) gained 3.1% after reports indicated that interested parties have until April 11 to submit offers for the web portal's core business and Asian assets.

Biotechnology outperformed in the health care group (+1.2%), as the iShares Nasdaq Biotechnology ETF (IBB 256.61, +4.53) gained 1.8%. To be fair though, the entire space experienced an uptick in buying interest as the beleaguered sector sought to rebound from its 5.7% year to date decline.

In the consumer discretionary space (+0.9%), homebuilders outperformed following above-consensus first quarter results from Lennar (LEN 48.18, +1.48). Meanwhile, Amazon (AMZN 593.86, +13.99) tacked on to its recent winning streak as the retail giant gained 2.4%.

Conversely, rate-sensitive money center banks and life insurance companies underperformed in the financial sector (+0.2%). The groups saw little reprieve from the dovish commentary as their earnings prospects are expected to suffer from lower rates. On that note, MetLife (MET 42.46, -0.54) tumbled 1.3% while Dow component JPMorgan Chase (JPM 59.03, -0.37) fell 0.6%.

On the commodities front, gold spiked following comments from Fed Chair Yellen, which helped diminish inflation expectations. Gold rallied 1.3% to $1,235.80/ozt.

The yield on the 10-yr note ended its day lower by nine basis points to 1.80%.

The U.S. Dollar Index (95.15, -0.79) came under fire as traders again reconsidered the policy divergence trade. The euro gained 0.9% against the dollar to end at 1.1294. Meanwhile, the dollar lost 0.7% to the yen and kicked the pair to 112.70 after trading at 113.46.

Once again, today's participation was above last week's average as more than 945 million shares changed hands on the NYSE floor.

Today's data included the Case-Shiller 20-city Index for January and Consumer Confidence for March:

The Case-Shiller 20-city Home Price Index for January rose 5.7%, which fell in-line with the Briefing.com consensus. This followed the previous month's unrevised increase of 5.7%.
The Conference Board's Consumer Confidence index increased to 96.2 in March from an upwardly revised 94.0 (from 92.2) in February. The March reading was ahead of the Briefing.com consensus estimate, which was pegged at 94.5.
The March reading leaves the series roughly in the middle of a 91-104 range that has been in effect since November 2014.
The improvement in March stemmed from an increase in the Expectations Index (from 79.9 to 84.7), which outweighed a decline in the Present Situation Index (from 115.0 to 113.5).
The report indicated that the strengthening in the Expectations Index was due in part to an improved outlook for the labor market.

Tomorrow's economic data will be limited to the weekly MBA Mortgage Index and the ADP Employment Change for March (Briefing.com consensus 214k), which will be released at 7:00 ET and 8:15 ET, respectively.

Nasdaq Composite -3.2% YTD
Russell 2000 -2.5% YTD
S&P 500 +0.5% YTD
Dow Jones +1.2% YTD

3:35 pm: [BRIEFING.COM]

After a morning of sideways and choppy directionless trading, the dollar index slid notably lower midday, following Janet Yellen's speech
Commodities, as measured by the Bloomberg Commodity Index, are down -0.2% to 79.31
Oil trended lower all day with an afternoon spike to $38.60/barrel before retracing back near the low of the day and consolidating lower until the close
May WTI oil futures closed down -2.7% to $38.32/barrel
Natural gas had a huge morning spike before consolidating and trading even higher still in the afternoon, closing near the high of the day
May natural gas futures closed up +2.1% at $1.98/MMBtu
In precious metals, gold trended up all day with a notable spike intraday, finishing even higher still
April gold futures closed up +1.3% at $1235.80/oz
Silver mirrored gold but with more volatility, dropping below the previous day's close in early afternoon trading before spiking to new highs of the day
May silver futures closed up +0.3% at $15.23/oz
Base metal copper closed down -1.8% to $2.21/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages float near their best levels of the day. At this juncture, the Nasdaq Composite (+1.5%) trades ahead of both the S&P 500 (+0.8%) and the Dow Jones Industrial Average (+0.5%).

In the financial sector (-0.1%), money center banks and life insurance names continue to demonstrate relative weakness as the rate-sensitive sub-groups see further pressure. On that note, Bank of America (BAC 13.31, -0.31) has plummeted 2.2% while MetLife (MET 42.42, -0.58) has slipped 1.4%. Meanwhile, Dow component JPMorgan Chase (JPM 58.70, -0.69) shows the largest decline in the price-weighted index. The broader sector has trimmed today's loss from 1.0% to 0.1%.

The U.S. Dollar Index (95.21, -0.74) hovers nears its lows as the euro and the yen hold gains against the greenback. The euro has gained 0.9% against the dollar to trade at 1.1292 while the dollar/yen pair trades at 112.79 (-0.6%).

On the commodities front, WTI crude ended its day lower by 2.7% at $38.32/bbl.

2:30 pm:

[BRIEFING.COM] The major averages trade at fresh session highs as the S&P 500 (+0.8%) trades ahead of the Dow Jones Industrial Average (+0.5%).

Nine of ten sectors trade in the red with the financial sector (-0.3%) showing the only loss of the day. Meanwhile, energy (+0.3%) and materials (+0.4%) show the slimmest gains.

In the consumer discretionary space (+1.0%), online retail giant Amazon (AMZN 594.59, +14.72) outperforms as it extends its recent winning streak. The stock has gained 8.3% since last week Monday and has gained 6.9% since the beginning of March. The broader consumer discretionary sector has climbed 6.2% month-to-date. Separately, homebuilder Lennar (LEN 47.79, +1.09) continues to outperform after reporting an earnings beat for the fourth quarter. Furthermore, the iShares Dow Jones U.S. Home Construction ETF (ITB 26.99, +0.58) has gained 2.2% as it trades higher in sympathy with Lennar. On the flipside, Chipotle Mexican Grill (CMG 460.74, -14.57) has tumbled 3.1% following a downgrade at Wedbush to "Underperform."

The Treasury complex has ticked off its session highs, but Treasuries continue holding solid gains with the 10-yr yield down seven basis points at 1.82%.

1:55 pm:

[BRIEFING.COM] The major averages hover underneath session highs as the tech-heavy Nasdaq (+1.1%) leads the S&P 500 (+0.5%).

On the leaderboard, the health care space (+0.7%) follows utilities (+0.8%) and technology (+1.2%) in front of the pack. The health care sector (+0.7%), outperforms as it looks to rebound from steeper 2016 losses. The heavyweight sector has surrendered 6.1% since the beginning of 2016 and only trades ahead of financials (-0.7%; year-to-date -6.7%) over that period. However, the financial sector has gained 5.8% over the month of March, whereas health care has gained 2.5%. In the space, large cap constituents lead with Bristol-Myers (BMY 63.75, +0.98) and Eli Lilly (LLY 71.55, +0.93) gaining 1.6% and 1.3%, respectively. Meanwhile, biotechnology narrowly outperforms the broader market, evidenced by the 0.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 253.61, +1.53).

On the commodities front, gold ended its day higher by 1.3% at $1,235.80/ozt as investors flocked to the precious metal following Fed Chair Yellen's remarks regarding diminishing inflation expectations.

1:35 pm:

[BRIEFING.COM] The major U.S. indices are solidly in positive territory following dovish comments from Fed Chair Janet Yellen speaking at the Economic Club of New York.

A look inside the Dow Jones Industrial Average shows that Microsoft (MSFT 54.59, +1.05), Apple (AAPL 107.23, +2.04), & Visa (V 75.24, +1.16) are outperforming. Apple Visa, and Microsoft are the Dow's top gainers as technology trades notably strong today, up more than 1.2%, with the next best performing sector, Utilities, up 0.75%.

Conversely, JPMorgan (JPM 58.60, -0.80) is the worst-performing Dow component as financials lag.

For the week, the DJIA is now up 0.34%, notching its March gains to 6.44%.

At the top of the hour, the Treasury's $34 bln 5-year note auction drew a high yield of 1.335% on a bid-to-cover of 2.38%.

1:10 pm:

[BRIEFING.COM] The stock market trades on a higher note at midday as dovish commentary from Fed Chair Janet Yellen lifts the major averages to their best levels of the day. Meanwhile, key sector leadership from the heavily-weighted technology sector (+1.1%), a downturn in oil, and the underperformance of the financial sector (-0.5%) have also contributed to trade thus far. Currently, the Nasdaq Composite (+0.9%) leads the S&P 500 (+0.4%) and the Dow Industrial Average (+0.3%).

Today's session began under selling pressure as a downturn in crude oil and the underperformance of the heavyweight financial sector (-0.5%) weighed on the averages. To that point, commodity-sensitive energy (-0.8%) and materials (-0.2%) spent the bulk of their session showing the steepest losses as crude oil hit a low at $37.94/bbl. However, the energy component was able to tick up off its low as dovish commentary from Fed Chair Yellen lifted the broader market. Currently, WTI crude trades lower by 3.1% at $38.18/bbl.

In her prepared remarks, Fed Chair Yellen cautioned that only gradual increases to the fed funds rate will likely be warranted in the coming years. The Fed Chair warned of tightening economic conditions and risks to the global economy. However, Chair Yellen stated that if economic conditions improve faster than expected, then tightening may be warranted.

Seven sectors trade in the green with technology (+1.1%), telecom services (+0.8%), utilities (+0.7%), and health care (+0.6%) leading the pack. Conversely, financials (-0.6%) and commodity-sensitive energy (-0.8%) show the only losses.

The energy sector (-0.8%) stumbled at the start of the session, but has since rallied off its lows as risk appetite increases. However, oilfield service names and pipeline companies still show substantial losses. To that point, Baker Hughes (BHI 42.72, -1.15) has plunged 2.6%.

In the technology sector (+1.1%), Yahoo! (YHOO 36.06, +0.83) outperforms amid reports that the company issued a deadline of April 11 for interested parties to submit bids for its core business and its Asian assets. Meanwhile, large caps such as Apple (AAPL 107.11, +1.92), Facebook (FB 115.25, +1.56), and Microsoft (MSFT 54.70, +1.16) gain between 1.4% and 2.1%.

The industrial sector (UNCH) rallied off its low as a similar move took place among its large cap constituents. On that note, Dow component Boeing (BA 130.19, -1.10) trimmed its loss to 0.8% after being down as much as 1.3%.

The Treasury complex remains broadly higher as the yield on the 10-yr note slips five basis points to 1.84%. Meanwhile, safe haven gold has gained 1.4% to trade at $1,236.60/ozt.

The U.S. Dollar Index (95.36, -0.58) tumbled in reaction to Chair Yellen's speech as the greenback lost ground to the yen and the euro. The euro/dollar pair trades at 1.1268 (+0.6%) after rallying from the 1.1200 level. Meanwhile, the dollar/yen pair has lost 0.5%, trading at 112.90.

Today's data included the Case-Shiller 20-city Index for January and Consumer Confidence for March:

The Case-Shiller 20-city Home Price Index for January rose 5.7%, which fell in-line with the Briefing.com consensus. This followed the previous month's unrevised increase of 5.7%.
The Conference Board's Consumer Confidence index increased to 96.2 in March from an upwardly revised 94.0 (from 92.2) in February. The March reading was ahead of the Briefing.com consensus estimate, which was pegged at 94.5.
The March reading leaves the series roughly in the middle of a 91-104 range that has been in effect since November 2014.
The improvement in March stemmed from an increase in the Expectations Index (from 79.9 to 84.7), which outweighed a decline in the Present Situation Index (from 115.0 to 113.5).
The report indicated that the strengthening in the Expectations Index was due in part to an improved outlook for the labor market.

12:35 pm:

[BRIEFING.COM] The major averages rallied following the release of Fed Chair Yellen's prepared remarks. At this juncture, the Nasdaq Composite (+0.7%) outperforms the the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.2%).

Three sectors remain in the red with the financial sector (-0.4%) trading behind both materials (-0.2%) and energy (-0.3%).

Recently, Fed Chair Yellen began speaking before the Economic Club of New York. The commentary struck a dovish note as Ms. Yellen advocated proceeding cautiously when approaching the next rate hike. Furthermore, Chair Yellen contended financial conditions are currently less favorable than they were in December. Finally, Ms. Yellen pointed to global developments that have increased risks associated with the Fed's economic outlook.

The U.S. Dollar Index (95.43, -0.49) tumbled on the news as the greenback lost ground to the yen and the euro. The euro/dollar pair trades at 1.1248 (+0.5%) after rallying from the 1.1200 level. Meanwhile, the dollar/yen pair has lost 0.3%, trading at 113.08.

12:00 pm:

[BRIEFING.COM] The major averages have ticked higher as the S&P 500 (-0.1%) moves up to flirt with its flat line. Meanwhile, the Dow Jones Industrial Average (-0.2%) continues to underperform.

Heavily-weighted industrials (-0.2%) have trimmed their loss, but the sector remains behind countercyclical consumer staples (-0.1%) and utilities (UNCH) on the leaderboard.

The industrial sector (-0.2%) has trimmed its March gain to 6.1% as large caps and Dow components Boeing (BA 129.02, -2.26) and 3M (MMM 163.79, -2.49) weigh on the broader sector. Boeing is pulling back from an 8.4% rally since the beginning of the month and is currently the worst performer in the price-weighted index. Meanwhile, 3M has surrendered all of yesterday's 1.1% gain. The industrial conglomerate reaffirmed its full-year outlook earlier today.

Elsewhere, the Dow Jones Transportation Average (UNCH) trades in-line with the broader market as rail names display relative weakness and FedEx (FDX 161.12, -1.07) underperforms.

The U.S. Dollar Index (95.90, -0.04) abandoned its flat line in recent trade as the greenback loses some ground to the euro and the yen. The euro trades flat against the dollar at 1.1200 after sinking as low as 1.1183. Separately, the dollar/yen pair trades lower by 0.1% at 113.34.

11:30 am:

[BRIEFING.COM] The stock market has traded sideways since our last update as the S&P 500 (-0.1%) floats six points above its session low.

Four sectors trade in the green with consumer staples (+0.1%), telecom services (+0.1%), and consumer discretionary (+0.2%) following technology (+0.6%) on the leaderboard.

The influential technology sector (+0.6%) outperforms as heavyweight constituents Microsoft (MSFT 54.16, +0.62) and Facebook (FB 114.96, +1.28) rebound from yesterday's declines. Meanwhile, Apple (AAPL 106.61, +1.42) has climbed 1.3% following news that the Justice Department dropped its action against the tech company. The DoJ sought to compel Apple to subvert its encryption features to gain access to an iPhone, which belonged to a shooter involved in the San Bernardino mass shooting. However, the FBI was able to gain access to the phone through other means.

Separately, high-beta chipmakers underperform the broader sector, evidenced by the flat reading in the PHLX Semiconductor Index. The index is being weighed down by Micron (MU 10.17, -0.22), which underperforms following a downgrade to "Underperform" from "Hold" at Needham. Micron is scheduled to report its second quarter earnings after tomorrow's close.

11:00 am:

[BRIEFING.COM] The major averages trade on a mixed note as the Dow Jones Industrial Average (-0.2%) and the S&P 500 (-0.2%) hover behind the Nasdaq Composite (+0.2%).

Commodity-sensitive energy (-1.4%) and materials (-0.9%) outpace the losses in the broader market while financials (-0.7%) follow. Conversely, heavily-weighted technology (+0.6%) leads the upside.

In the energy sector (-1.4%), oil and gas pipeline companies and oilfield service names display the steepest losses as Halliburton (HAL 34.26, -0.83) and Kinder Morgan (KMI 17.29, -0.51) show respective drops of 2.4% and 2.9%. To be fair though, the broader sector is pulling back along with crude oil. WTI crude has ticked off its session low ($38.02/bbl), but remains down 3.2% at $38.13/bbl. For the month of March, the energy component has climbed 12.7%, compared to the 7.2% gain in the broader sector during that period. Separately, investors look ahead to the release of the American Petroleum Institute's latest stockpile data after today's close.

The yield on the 10-yr note has inched off its lowest level (1.85%) and now trades lower by three basis points at 1.86%.

10:30 am: [BRIEFING.COM]

The dollar was trading in a choppy fashion in the morning before quickly rallying to a new high of the day and then settling back near yesterday's close
Commodities, as measured by the Bloomberg Commodity Index are down -0.8% to 78.84
Crude oil adds to yesterday's losses, trading notably lower near the low of the day just above $38.00/barrel
May WTI crude oil futures are down -3% at $38.18/barrel
Natural gas opened lower and consolidated around the lows for the day before spiking notably upwards, trading near its high of the day
May natural gas futures were up +1% to $1.95/MMBtu
In precious metals, gold initially spiked at the open before sharply retracing slightly above yesterday's close
Silver experienced a move similar to gold but now trades below the previous day's close
April gold futures are currently up +0.5% to $1224.60/oz
May silver futures are currently at parity with yesterday's close, trading at $15.19/oz
Base metal copper had an initial smooth morning rally with little volatility before sharply plummeting and consolidating around the lows for the day
May copper futures are down -1.3% at $2.22/lb

10:00 am:

[BRIEFING.COM] The major averages float in the neighborhood of the their opening lows as the Dow Jones Industrial Average (-0.3%) trades in-line with the S&P 500 (-0.3%).

Currently, five of ten sectors trade in the red with energy (-1.2%), materials (-0.7%), and financials (-0.4%) leading to the downside.

Just released, the Consumer Confidence reading for March came in at 96.2 while economists polled by Briefing.com expected the survey to hit 94.5. This followed the prior month's revised reading of 94.0 (from 92.2).

9:45 am:

[BRIEFING.COM] The stock market began its day on a lower note as the Dow Jones Industrial Average (-0.5%) traded behind both the S&P 500 (-0.4%) and the Nasdaq Composite (-0.3%).

Seven of ten sectors opened beneath their flat lines as commodity-sensitive energy (-1.5%) and materials (-0.9%) led to the downside. Conversely, countercyclical utilities (+0.5%) and consumer staples (+0.2%) lead while consumer discretionary (+0.1%) follows. The remaining decliners show losses between 0.2% (technology) and 0.8% (financials).

Homebuilders display relative strength following the recent reading of the Case-Shiller 20-city Home Price Index (5.7%; Breifing.com consensus 5.7%). As a result, the iShares Dow Jones U.S. Home Construction ETF (ITB 26.71, +0.30) has gained 1.2% in the early going.

On the commodities front, WTI crude has plunged 3.3% to trade at $38.06/bbl while gold has gained 0.3% ($1,225.70/ozt).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -6.10.

The stock market is on track for a flat open as the S&P 500 futures trade five points below fair value.

Equity futures slipped overnight as a leg lower in oil pressured the broader market. Currently, oil has extended its decline to 2.6% and trades at $38.37/bbl. Meanwhile, investors have adopted a defensive posture ahead of remarks from Fed Chair Yellen at 12:20 ET. Investors will look to the Fed chair's remarks for indications towards Ms. Yellen's stance on the path of future fed funds rate hikes. Chair Yellen's remarks will receive extra scrutiny in the wake of recent hawkish commentary from members of the Federal Open Market Committee.

The Treasury complex trades higher across the board as the yield on the 10-yr note falls two basis points to 1.85%. Safe haven gold has received a bid in recent trade as the commodity gains 0.5% to trade at $1,228.60/ozt.

On the earnings front, McCormick (MKC 98.61, +1.25) has gained 1.3% after reporting first quarter results that came in above analysts' estimates. Meanwhile, the company reaffirmed earnings guidance for the second quarter and full year 2016. Elsewhere, Lennar (LEN 48.30, +1.60) reported above-consensus results for the first quarter and has subsequently gained 3.4%.

Economic data was limited to the Case-Shiller 20-city Home Price Index for January, which rose 5.7% (Briefing.com consensus 5.7%). Separately, Consumer Confidence for March (Briefing.com consensus 94.5) will cross the wires at 10:00 ET.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -9.10.

The S&P 500 futures trade seven points below fair value.

Just released, the Case-Shiller 20-city Home Price Index for January rose 5.7%, which fell in-line with the Briefing.com consensus. This followed the previous month's unrevised increase of 5.7%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -5.90.

The S&P 500 futures trade five points below fair value.

The global equity markets are trading in negative territory, albeit with only a slight slant to the downside, represented by the ~3 pt decline in S&P futures this morning. Asian equities took a similar tone that the US had on Monday, with light volume and little buying interest. The Nikkei dropped a modest 0.2% after Feb Retail Sales came in below expectations at -2.3% (vs -0.9%e). The Shanghai added another 1.3% to the week's losses amid tepid trading with latest round of PMI data looming later this week.

In economic data:
Japan
Feb Retail Sales: -2.3% vs -0.9%e
Feb Jobless Rate: 3.3% vs 3.2%e
South Korea
Mar Consumer confidence: 100 vs 98 in Feb

---Equity Markets ---

Japan's Nikkei fell 0.2% with Health Care (-1.1%) and Energy (-0.8%) sectors leading the decline. The best performing sector was Consumer Discretionary, which improved by 0.4% associated with modest weakness in the yen overnight. As for stock specific movers, Sharp gave back of most of yesterday's 4.0% advance with a 3.3% decline today, with continued speculation on a deal with Hon Hai. Toyota Motors under-performed the broader market with a 1.1% decline after the 2.3% fall in Retail Sales represented sluggish consumer demand
Hong Kong's Hang Seng opened for the first time this week to see lack-luster trading. Some of the more notable movers of the day were China National Building Material (-5.6%) and China Nonferrous Metals (-0.8%) after both companies reported disappointing FY15 earnings results. On the flip side, BYD Co managed to gain 3.6% today after the exceeded its earnings expectations.
China's Shanghai Composite fell 1.3% today. With macro data out of the picture for today, it left Corporate earnings in focus. Greentown China (-4.8%) and Sunac China Holdings (-2.4%) both fell after the release of their respective FY15 earnings. Also disappointing investors with its earnings was China National Building Material Co, which dropped 5.6% in response.

Major European indices trade on a mostly lower note with select financials outperforming. The euro, meanwhile, trades higher against the dollar at 1.1205 ( +0.1%) while the British pound has ticked up 0.3% against the greenback to 1.4299.

In economic data:
Eurozone February M3 Money Supply +5.0% year-over-year, as expected (previous +5.0%)
Italy's March Consumer Confidence 115.0 (expected 114.0; last 114.5) and Business Confidence 102.2 (consensus 102.3; previous 102.0)

---Equity Markets---

UK's FTSE trades down 0.3% with EasyJet climbing 1.2% after receiving an upgrade. Financials like Prudential, RSA Insurance, and Standard Life also outperform with gains between 0.9% and 1.8%. On the downside, miners lag with Anglo American, BHP Billiton, Rio Tinto, Glencore, and Fresnillo down between 2.0% and 3.1%.
Germany's DAX has slipped 0.3%. Heavyweights BMW and Daimler show respective gains of 0.7% and 0.6% while Volkswagen has given up 0.9% amid reports the company may suspend its dividend.
France's CAC has climbed 0.4% amid broad strength. ArcelorMittal leads with a 3.0% gain while AXA, BNP Paribas, Louis Vuitton, Carrefour, and Renault have added between 0.7% and 1.2%. Technip is the weakest performer, down 2.0%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -5.90.

The S&P 500 futures trade five points below fair value.

In corporate news, Buffalo Wild Wings (BWLD 149.00, +1.45) has climbed 1.0% in pre-market action after receiving an upgrade and a target price increase at Telsey. The firm raised its target price to $175 from $165 and cited confidence in operating trends, management's plans for the company, and an attractive valuation. Separately, Chipotle Mexican Grill (CMG 465, -10.31) has slipped 2.2% following a downgrade at Wedbush to underperform. Wedbush lowered its target price for CMG from $450 to $400 after the company provided some bearish commentary on recovery timelines.

On the commodities front, WTI crude continues to sputter near its overnight low ($38.58/bbl) as it shows a loss of 2.0% ($38.62/bbl). Meanwhile, gold has slipped 0.1% to trade at $1,220.60/ozt.

The U.S. Dollar Index (95.92, -0.07) trades modestly lower as the pound and the euro gain against the greenback. The pound/dollar pair trades at 1.4278 (+0.2%) while the euro has climbed 0.1% against the dollar to 1.1204.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -5.60.

U.S. equity futures float near overnight lows with the S&P 500 futures trading five points below fair value.

Overnight, futures slipped in lockstep with oil as the energy component continued its recent rout. At this juncture, WTI crude trades lower by 1.9% at $38.63/bbl. Separately, investors look ahead to remarks from Fed Chair Yellen for clues to the path of future rate hikes. Elsewhere, on the central bank front, San Francisco Fed President John Williams voiced a positive outlook on the U.S. economy and maintained that future hikes will be "gradual and thoughtful." The data-heavy week continues with the Case-Shiller 20-city Index for January (Briefing.com consensus +5.7%) and Consumer Confidence for March (Briefing.com consensus 94.5) crossing the wires at 9:00 ET and 10:00 ET, respectively.

The Treasury complex trades on a flat note with the yield on the 10-yr note unchanged at 1.87%.

In U.S. corporate news of note:

Lennar (LEN 47.68, +0.98): +2.1% after reporting top and bottom-line results above analysts' estimate in the first quarter
Ambarella (AMBA 43.00, +2.29): +5.6% following an upgrade to "Overweight" at Morgan Stanley
Yahoo! (YHOO 43.00, +0.22): +0.6% after reports indicated that the company is seeking an April 11 deadline for bids on its core business and Asian assets

Reviewing overnight developments:

Asian markets ended mostly lower with China's Shanghai Composite -1.3% and Japan's Nikkei -0.2%. Meanwhile, Hong Kong's Hang Seng added 0.1%.
Econ Data
Japan
Feb Retail Sales: -2.3% vs -0.9%e
Feb Jobless Rate: 3.3% vs 3.2%e
South Korea
Mar Consumer confidence: 100 vs 98 in Feb
In news:
Japanese Prime Minister Abe told the country's parliament that he had no plans to delay a sales tax hike, barring a major financial shock.

European indices trade on a mixed note with France's CAC +0.6% and the U.K.'s FTSE -0.1%. Meanwhile, Germany's DAX trades flat.
In economic data:
Eurozone February M3 Money Supply +5.0% year-over-year, as expected (previous +5.0%)
Italy's March Consumer Confidence 115.0 (expected 114.0; last 114.5) and Business Confidence 102.2 (consensus 102.3; previous 102.0)
In news:
The euro trades flat against the dollar at 1.1200 while the British pound has ticked up 0.3% against the greenback to 1.4291.

5:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -4.10.

5:56 am: [BRIEFING.COM] Nikkei...17103.5...-30.80...-0.20%. Hang Seng...20366...+20.70...+0.10%.

5:56 am: [BRIEFING.COM] FTSE...6112.77...+6.30...+0.10%. DAX...9878.76...+27.40...+0.30%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader @ http://stocktwits.com/wrbtrader

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