Good evening StockBandits!
February was a solid month for the market with big gains posted across the board. Following some January slides, stocks got back on the move in February with the NAZ adding 7% while the RUT and S&P each tacked on well over 5%. As good as that was for the bulls, they ended the month in a lazy fashion, yawning across the finish line after several days of relative inactivity.
The S&P 500, for example, posted its 3rd consecutive decline on Friday, yet only gave up 11 points on a closing basis over that stretch. That’s hardly grounds for concern. The bulls have essentially produced breakouts and maintained them, yet haven’t made much progress in recent days. The NAZ has more room than the others for a pullback, but elsewhere the bulls haven’t given themselves much breathing room.
That could bring some added attention to the week ahead as we watch for either a return of strength or a breakout failure. The latter scenario would certainly invite some increased emotion, which is something this market could use. It’s becoming a bit of a snoozefest out there, and that rarely lasts.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
