The TML Report, March 10th, 2026 – Lower Lows

Market Overview

All four major indexes made lower lows yesterday, which means today is day two of the latest rally count on the NASDAQ and S&P 500. Days four through seven of a rally attempt is the ideal time for a follow-through day; however, plenty of follow-through days have occurred well after that window and still led to sustainable uptrends in the general market.

At the end of the day, though, all four major indexes are in downtrends, trading below all of their key moving averages except for their 200-day SMAs. The most recent lows on the NASDAQ and S&P 500 have come close to their 200-day SMAs, which is the next significant area of support on the major indexes.

On a positive note, leading growth stocks are in better shape than the general market. The oil/gas and metal/mining stocks are still the strongest ones out there. However, there are currently enough traditional growth stocks forming constructive bases that, if the market were to follow through in the near future, it would appear as if money will have a place to go when the energy and metal stocks decide to take a breather.

Until we see confirmation of a new uptrend, minimal exposure is recommended. Continue updating your watch lists, make sure your alerts are set, and be ready for anything.

Indexes

QQQ

After eking out another lower low, the NASDAQ is going on day 3 of its most recent rally attempt as it continues to struggle below significant overhead resistance.

SPY

The S&P 500 has acted similarly to the NASDAQ over the last few weeks. The key difference being that the S&P 500 has been holding up better.

IWM

The Russell 2000 has weakened significantly over the last couple weeks, and it too is now struggling below significant overhead resistance.

DIA

Monday's lower low on the Dow as it continued to fall further below significant overhead resistance, was only slightly above its 200-day SMA.

Focus List

TSLA

TSLA has drifted constructively into its 200-day SMA. I am watching it for a potential entry on strength above its 50-day SMA.

SNDK

SNDK recently found support at its 10-week line, and with a bit more time, it looks like it's setting up to break out to new highs again.

MU

MU is shaping up similarly to SNDK, and it too appears to be setting up to break out again, with a bit more time to base build.

SKYT

Continue updating your watchlists, make sure your alerts are set, and be ready for anything. Watching for potential entry above its consolidation pivot marked in the chart below.

VRT

VRT has displayed extreme relative strength over the last couple days. Watching for entry on constructive weakness versus its 10-day moving average.

GCT

GCT has been forming a constructive base since the end of last year and looks about ready to break out to new all-time highs.

CAVA

CAVA has exhibited clear relative strength over the last several weeks as the market has weakened and appears to be setting up to break out from here.

PL

PL continues to exhibit strength in a weak market, although using constructive weakness to enter this name is advised given its volatile personality.

NE

Leading offshore drilling contractor NE has moved sideways in a constructive mannner into its short-term moving averages, and appears to be setting up to break out from here.

VAL

VAL is a leading offshore drilling contractor that has formed a similar pattern to NE and both appear to be setting up to move higher, assuming the price of oil resolves to the upside from here.