Market Spinning. March caught an overnight bid to climb off the open.
New Month, get off on the right foot. Be measured in your approach.
Market Review:
February
February started at the top of the game. Coming in riding a bullish January February rallied, then failed to keep rallying after the 2nd day of the month. The market didn't really start moving down until after it opened the 2nd half of the month. February 15th opened at 4141.25. So we have a market moving down in February after establishing a higher high and a higher low than the previous month. Expect a little confusion as the market spins.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
Mar 3 ISM Services PMI
Mar 8 ADP Employment
Mar 10 Employment Reports
Mar 14 CPI
Mar 15 PPI
Key Numbers Opens: Above or Below
4094.50 was the open of Dec 2022
4085.75 was the open of Feb 2023
3976.50 is the open of the Week
3968.50 is the open of the Month
3895.00 is the open of 2023
What's Hot and Not!
Gold, Crude, and the Dollar (UUP)
March Gold opened at 1834.0 last night but has climbed to 1848.7. It is coming back a bit from overnight highs but is still showing early strength. April Crude opened at 76.85, rallied up to 77.74, but has pulled back a little below the open as of this morning.
UUP (DB US Dollar Index Bullish Fund Invesco) if down would be positive for metals.
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