FYI: Very tricky action in the market this week. Monday’s rally looked really bullish – we stated at the end of the prior week we wanted to see how this small wedge in the S&P 500 and NASDAQ charts resolved. It looked like a breakout to the upside Monday. However, a nasty reversal Tuesday – with a close below the prior day’s low – was daunting. Then Wednesday and Thursday the action was poor. By the end of the week things were not looking anywhere near like they did on Monday at the close. All in all, it was another week of volatility not seen in almost all of the very unusual 2017. The volatility is still not subsiding – we had daily move of >1% four of five days this week; in 2017 you could go months without a single day of that sort of swing!
We also seem to be past the stage of the “Goldilocks” economy where any news is good news – new Fed Chairman testified Tuesday the economy is strong, and traders freaked out fearing rate hikes yada yada yada.
Regards,
Ted
https://www.stocktrader.com/2018/03/05/weekly-market-recap-mar-2-2017/
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https://www.stocktrader.com/2018/03/05/weekly-market-recap-mar-2-2017/
Regards,
Ted