The iShares 20+ Year Treasury Bond (TLT) reversed to the downside on Thursday and has yet to exceed its March 3 closing high of $92.57. We thought the ETF was in a minor five-wave advance, with the next resistance just below $94. That is the location of the prior high on December 6 and is an important 61.8% retracement of the decline from mid-September 2024 until early January 2025. However, a failure from here would look more like a three-wave ABC advance, and suggests the possibility of a pullback. Key support for TLT is in the $90 region. The COT data is all over the place: bullish for the two-, and five-year Treasury, slightly bullish for the 10-year, and bearish for the 30-year. Seasonality has turned bearish this month and stays that way until the end of April. West Texas Intermediate (WTI) is trading at $68.25/barrel and is again attempting to bounce from the bottom of its multi-year trading range in the $64 to $66 region. In addition, WTI looks like it finally might break its downtrend and see some decent upside. That said, breaking below the $64 to $66 range could cause a very sharp move lower as there are probably sell stops right under this key support. On the upside, the bearish trendline off the peak since mid-January is just above $68, the declining 200-day average is at $71.50, and chart resistance sits in the mid- to high-$70s. The COT data has really caught our eye and has turned bullish. The last few times this occurred, WTI rallied $10 to $20/barrel. Seasonality is bullish and stays that way until September. (Mark Arbeter, CMT)

Alliant Energy is the parent of two regulated utilities, Interstate Power and Light and Wisconsin Power and Light, serving nearly 1 million electric customers and 425,000 natural gas-only customers. Both subsidiaries engage in the generation and distribution of electricity and the distribution and transportation of natural gas. Alliant also owns a 16% interest in American Transmission Co.

The stock market remained jittery on Wednesday, and that certainly was no surprise as Nvidia's pending earnings report kept investors on edge during the session. After the bell and the earnings release, the stock wavered -- but is slightly in the green ahead of the U.S. open. NVDA, which last made an all-time high on January 6 at $149, hasn't made any net progress in over eight months. During that time, the stock has traded between $91 and $153 on an intraday basis. It is no longer a market leader in the intermediate term, but has soared from $11 in late 2022. The shares are still loved by Wall Street, with 34 buys, 23 strong buys, and only six holds. The financial media will be drooling over the numbers and outlook for a couple of days and then we can all move on to something else. Once again, Bitcoin was the story of the day on Wednesday and might turn into the story of the week. The crypto currency cratered another 5.3% by 4:45 p.m. ET to $83,840. That is the lowest since November 2024 -- and with Wednesday's downside follow-through, the double top and/or complex head-and-shoulders formation is confirmed. In just three days, Bitcoin has plunged almost 13%. Based on the size of the bearish topping pattern, we could see prices fall to $76,700 and possibly to $71,000. The last breakout region is $71,000, so that area would make sense before the next advance starts. A key 61.8% retracement of the rally that started in August 2024 from near $50,000 sits near $72,000. (Mark Arbeter, CMT)

In this edition, US utilities are slowly regaining their luster; Germany's auto industry is slowing down; China is building up home demand; and Elekta, Auckland International Airport, and Yum China.