Market Update Into March 30th: Breaking—Bollinger Bands

Markets gapped up big on Monday after Trump’s ceasefire remarks, but the move didn’t last after Iran denied any negotiations were underway. Markets bled for the rest of the week as energy pushed higher, with $XLE ending the week with a gain of over 5%. A consumer sentiment miss on Friday added to the bearish tone, with defensive sectors like utilities and staples catching a bid while semis and tech continued to sell off. In other news:

• Meta’s Legal Meltdown
• Buyback Saves HOOD
• GME Revenue Collapse
• AAOI $200M Deal

Looking ahead, Powell will speak on Monday, and traders will also be watching consumer confidence and the unemployment rate for fresh reads on the macro picture. On the earnings front, $NKE and $SPCE are on deck. With geopolitical risk still running hot and sentiment cracking, let’s see if the charts offer any clarity.

Weekly Analysis

SPY (SPDR S&P 500)

SPY ended the week lower at $634.09 (-2.23%), breaking below its lower Bollinger Band with the Williams %R printing -98, deep in oversold territory. The last time the W%R reached these levels it marked the April 2025 bottom. The setup looks similar, but with a hawkish Fed and active geopolitical conflict still in play, bulls will need more than an oversold reading to make the case for a reversal.

QQQ (Invesco QQQ Trust)

QQQ closed the week at $562.58 (-3.35%), breaking below its lower Bollinger Band as tech absorbed the brunt of the selling. The Combined RSI Ensemble printed its first green candle since April 2025, signaling multiple RSI timeframes are simultaneously oversold. That was the exact signal that marked the April 2025 bottom, so the question now is whether history repeats.

IWM (iShares Russell 2000)

IWM was the surprise of the week, closing green at $243.10 (+0.36%) while SPY and QQQ both sold off hard. The Combined RSI Ensemble hasn’t printed the oversold green candles seen in large caps, and IWM is still holding above its lower Bollinger Band. The one caveat is the W%R sitting at -91, but with small-caps showing relative strength into a deeply oversold tape, they look best positioned to lead when sentiment turns.

Earnings

Notable Results

AGX (Argan)

• EPS: $3.47 vs $1.98 est
• REV: $262.05M vs $255.17M est

GME (GameStop)

• EPS: $0.49 vs $0.31 est
• REV: $1.10B vs $1.47B est

CNM (Core & Main)

• EPS: $0.52 vs $0.38 est
• REV: $1.58B vs $1.59B est

CHWY (Chewy)

• EPS: $0.27 vs $0.20 est
• REV: $3.27B vs $3.26B est

SFD (Smithfield Foods)

• EPS: $0.83 vs $0.67 est
• REV: $4.23B vs $4.17B est

JEF (Jefferies Financial Group)

• EPS: $0.97 vs $0.88 est
• REV: $2.02B vs $1.97B est

AIR (AAR Corp)

• EPS: $1.25 vs $1.18 est
• REV: $845.10M vs $810.35M est

WOR (Worthington Enterprises)

• EPS: $0.98 vs $0.95 est
• REV: $378.68M vs $349.03M est

CTAS (Cintas)

• EPS: $1.24 vs $1.23 est
• REV: $2.84B vs $2.82B est

KRMN (Karman)

• EPS: $0.11 vs $0.11 est
• REV: $134.49M vs $131.79M est

CMC (Commercial Metals)

• EPS: $1.16 vs $1.30 est
• REV: $2.13B vs $2.04B est

ABVX (Abivax)

• EPS: ($5.45) vs ($4.91) est
• REV: $5.16M vs $5.51M est

PDD (PDD Holdings)

• EPS: $2.53 vs $3.21 est
• REV: $17.72B vs $17.93B est

JBS (JBS)

• EPS: $0.39 vs $1.51 est
• REV: $23.06B vs $80.88B est

PONY (Pony AI)

• EPS: ($0.12) vs $0.22 est
• REV: $29.13M vs $23.94M est

ONDS (Ondas Holdings)

• EPS: ($0.36) vs ($0.04) est
• REV: $30.11M vs $27.86M est

What’s Happening Now

XLU Utilities Select Sector
XLE is clearly in a league of its own this year amid a historic Sector Rotation while nearly all other sectors pull back. Similarly to gold, defense (ITA) showed strength at the onset of the Middle East conflict but has pulled back as investors broadly flee to cash. Amid the oil-fueled volatility, tech (XLK) and financials (XLF) see further weakness mounting while energy-adjacent sectors like utilities (XLU) see tailwinds building.

RKLB Rocket Lab
SpaceX’s upcoming IPO is repricing the broad space sector, spanning both direct clients and competitors. While strategic launch partner Planet Labs (PL) leads the pack with over 50% year-to-date returns, competitors like Rocket Lab (RKLB) have sold off year-to-date. Ultimately, rising anticipation for history’s biggest market listing has turned space stocks into a high-stakes proxy for the revolutionary aerospace firm.

Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!