It was a pretty subdued day in the US equity market, with the sp'500 settling +10pts @ 1989. With the ECB on Thursday and the FOMC next Wednesday, equity bulls still look to have the edge for another 5 trading days. On any fair basis though, the market looks highly vulnerable after mid March.
We continue to have a second consecutive green candle on the weekly 'rainbow' chart. Current trend is clearly outright bullish.
However, the giant monthly cycles are still broadly bearish, and we remain on track for a fourth consecutive monthly close under the 10MA.
Thursday will see the usual weekly jobs, and US Treasury Budget data.
However, the market will really only care about the latest ECB meeting. There will be a press release @ 7.45am EST, with a Draghi press conf' at 8.30am EST.
Market is expecting NIRP to be intensified from -0.2% to -0.3%.. with the ongoing QE program extended and/or increased in size.
Goodnight from London