Week of March 24

200DMA doesn't matter. Tariffs don't matter. The flows matter.

Recap of last week

The SPX finally snapped its losing streak last week and closed up on the week for the first time since mid February.

Now investors’ focus has turned to the 200DMA fast approaching and Liberation day which the vol markets have began to recognize as a significant event.

I am saying to ignore that stuff, because it’s all a distraction. The flow-of-funds picture in the near term is overwhelming and will drive the next 300-500 point move. They will craft a narrative to fit the move after the fact. Right now, the unsophisticated investors are fretting over meaningless things while big money is making big moves beneath the surface.

Next move for markets