📊 WyckoffSMI “Daily Pulse Of The Market” March 9, 2026.

Today’s session showed constructive testing behavior across the major indices as markets attempted to stabilize after last week’s shakeout. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) both rebounded from recent SPR/SHK lows, trying to return price toward the middle of their developing trading ranges. While neither index has confirmed a clear Phase D markup yet, the ability to hold above recent support levels suggests institutions may be testing supply after the shakeout, a classic Wyckoff Phase B behavior. A successful series of higher lows would shift the short-term bias back toward an upside breakout attempt.

Among individual names, relative strength continues to stand out in select institutional leaders. Glaukos Corporation (GKOS) remains in a Wyckoff Phase D markup structure, though the recent pullback is testing the strength of prior demand zones. Merck & Co., Inc. (MRK) continues to trend higher within a rising channel following a successful accumulation breakout earlier this cycle, while Nabors Industries Ltd. (NBR) remains one of the strongest energy-related momentum structures with persistent demand following multiple Wyckoff JUMP events.

Overall, the market environment continues to show mixed but improving structural behavior, with several leadership stocks holding constructive markup phases while the broader indices attempt to stabilize within trading ranges. The next key signal to monitor will be whether demand expands on rallies, confirming institutional accumulation rather than temporary short-covering.

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