The TML Report, March 17th, 2026 – Major Indexes Rally to Resistance

Market Overview

The major indexes remain in downtrends, wedged up against a significant area of resistance, just below all of their key moving averages except the 200-day, on the heels of the last two rally days.

Today was day seven of the rally on the NASDAQ and day two on the S&P 500. This means the earliest a follow-through day can occur on the S&P 500 is this Thursday, while the NASDAQ is already in the window for one.

Weakness and volatility continue to plague the major indexes. Yet, it’s hard to argue with the strength we’re seeing in many of the leading names, especially from the swing trading perspective.

Taking both into consideration, there is nothing wrong with taking a shot at some of the setups we’re seeing. It all comes down to a matter of style and risk appetite.

There’s nothing wrong with putting on a few pilot positions and trying to get some traction here; however, if you find that you are struggling, use that as feedback and act accordingly.

Will leadership broaden and ultimately pull the general market back to new highs, or will the broader market continue to weaken and ultimately drag down the last leaders standing with it? Nobody knows.

For the hardcore CANSLIM^® position traders, there’s nothing wrong with waiting until we see confirmation of a new uptrend before committing capital. in the meantime, continue updating your watch lists, make sure your alerts are set, and be ready for anything.

Indexes

QQQ

The NASDAQ is on day seven of its current rally attempt and has wedged up below significant overhead as it has rallied over the last couple of days.

SPY

The S&P 500 has followed a very similar pattern to the NASDAQ over the last few weeks. The only difference is it undercut the low of its rally, so it is only on day two of its current rally attempt.

IWM

The Russell 2000 has been chopping sideways for the last week or so, trying to find support at a significant prior high going back to November of 2021.

DIA

The Dow has weakened the most over the last few weeks and is trying to find support at its key 200-day SMA.

Focus List

SNDK

SNDK is the leader among the memory stocks, which looks like it's getting ready to break out of a constructive double bottom base

MU

Leading memory stock MU has set up in a very similar manner to SNDK, and broke out of a constructive base to new all-time highs today ahead of SNDK.

CIEN

CIEN broke out of a three-week V-shaped consolidation this afternoon, and due to its volatile personality, I'm watching for constructive weakness near support for a potential entry area.

VIAV

Leading fiber optic stock, the IAV, has been consolidating constructively above its short-term moving averages and looks like it's setting up to move higher.

NBIS

Watching NBIS to see how it acts as it comes in to $110 and it's 10-day SMA for a potential entry area.

AMPX

AMPX has shown massive strength recently and looks like it's trying to break out of a high, tight flag pattern.

BE

BE has been moving sideways in a tight range above its short-term moving averages over the last week or so and looks like it's setting up to move higher from here.

SOLS

Watching SOLS for potential entry area on strength through the high of its prior gap.

RKLB

Watching RKLB for constructive weakness near support for a potential entry area.

PL

Watching PL for constructive weakness near support for a potential entry area.

KRMN

Watching KRMN for a breakout of its nine-week cup and handle base.