Thursday 29 February 2024

Mr Market remains strong



The SPX climbed for a fourth consecutive month, net higher for February by +250pts (5.2%) to 5096, having printed a new historic high of 5111. The monthly settlement was above the key 10MA (4548), as the m/t trend is unquestionably bullish.

Momentum ticked upward for a fourth month, settling on the high side. S/t bullish into March. M/t bullish from the Oct'2022 low. The latter arguably only changes if a monthly settlement back under the key 10MA, which will be in the 4600s in March.

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