Argus

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Mar 23, 2026

Intermediate Term

Long Term

Summary

Stocks have dropped for four consecutive weeks for the first time since March 2025 (during the tariff tantrum). Some indices have broken key chart support from their mid-November 2025 lows, while others finished the week right at that last piece of chart support (based on a six-month range). All the majors have now undercut their 200-day averages, also for the first time since March 2025.  The major indices gave back about 2% last week. From the all-time closing high on January 27, the SPX has dropped 6.8%; year to date (YTD), the index is down 5%. The QQQ peaked back on October 29, and has lost 8.3% since then and nearly 5% YTD. Turning to sectors, Energy was the only strong group last week, up 2.9%, while Financials ticked up 0.4%. Utilities dropped 5%, Materials sank 4.5%, Consumer Staples and Real Estate fell 4%, Healthcare and Consumer Discretionary dipped 3%, and Communication Services and Industrials fell almost 2%. There was no place to hide!    Looking at industries, gold mining plunged 14%, aluminum and paper sank 11%, and tires dropped over 9%. On the flipside, and other than oil, airlines rose near 4%, fixed-line telecom and publishing gained 2%, and asset managers and insurance brokers rose 1.7%.   Stocks retreated despite WTI's flat week (although Brent ju

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