A brief overview of last week's market action.

Analyst Commentary:

• The S&P 500 declined 2.12% over the past week. The index has fallen a total of 7% so far in the month of March so far, highlighting continued deterioration in risk-on areas.

• The commodities asset class lost 57 relative strength signals over the past two weeks, slipping to third place in our asset class rankings, as broad weakness across both energy and precious metals weighed on performance.

• After gaining 9.5% early in the year, the Russell 2000 has fallen more than 10% from its highs, entering a technical correction as major domestic equity indices continue to struggle out of the gate in 2026.

• The VIX—often called the “fear gauge”—has reversed higher into the lower 30s, signaling a pickup in implied volatility. Historically, readings at these levels are associated with above-average forward returns despite increased uncertainty.

• Ongoing weakness in broad equity indices has begun to erode long-term participation, with the NYSE Percent Positive falling below 50%, indicating that fewer than half of stocks on the exchange trade in positive trends.

Nasdaq Dorsey Wright’s Weekly Featured Chart:

 To read more on Small Caps, you can read Monday's featured article HERE.

Major US Index Technical Review:

A summary of the performance of major indices, in addition to their Point & Figure information. 

The Group Score Minute:

Senior Equity Specialist Steve Raymond dives into the latest trends and changes within our Asset Class Group Scores. To listen now, click HERE.

Nasdaq Dorsey Wright Products:

The AdvisorShares Dorsey Wright FSM U.S. Core ETF (DWUS) is comprised of 2 ETFs---primarily in domestic large-cap equities---that demonstrate in our opinion, favorable relative strength characteristics. During periods in which the Advisor believes the market indicates broad equity weakness and cash strength, the Fund invests in fixed-income ETFs with a short or ultra-short duration, money market funds, cash and cash equivalents. To learn more about DWUS, Click HERE.

Want More? Don't Miss Out on Our Podcasts!

This week, Miles Clark and Joseph Tuzzolo discuss the changes in our asset class rankings, historical market drawdowns, copper vs gold RS relationships, participation indicators, and the RS Spread between leaders and laggards. To listen now, click HERE or on the image below. 

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