The last day of February ended on a doji note but tomorrow is the start of a new month, March, and with it comes the reliable success bulls have grown to count on. 14 of the last 16 months have started their first days of trading with a gain with the last three all seeing gap ups of atleast 1%.
Another strong 1%+ move to the upside tomorrow would mean the losses that began on 2/22 have been nearly recovered and yet another set of higher highs are just around the corner. This positive price action would also support the case for starting to put some cash back to work and move back long.
The NASDAQ is the best index to focus on as Tech has been the driver of growth through the last year.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Down | (+) Up | (+) Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
