Today, we had a bounce on low volume in the market. Usually, sustainable bounces are supported by higher volume, not lower volume. This pattern is consistent with a bounce that will not hold. I think we will see the S&P 500 Index bounce through March 1 and up to around 1327ish. That would be a good level for shorting the Index if one were so inclined.
Otherwise, watch what happens after March 1, the first of the month. Since August, the first of the month has been followed by a burst of upward momentum. This time might be different. Watch the volume on Monday and Tuesday since price follows volume.
Later.
Wink
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