US equity indexes closed broadly higher for a second consecutive day, sp +13pts @ 2040. The two leaders - Trans/R2K, settled higher by 3.0% and 1.5% respectively. Near term outlook offers the R2K at the 1100 threshold, which will likely equate to sp'2050 before next chance of a reversal.
*price structure in the second market leader - R2K, is a pretty bull flag, and was confirmed today, which bodes for a move to the 1100 threshold tomorrow morning.
A very valid question is whether the R2K is going to be able to make it to its 200dma in the 1150s. If that is the case, it'd bode for sp'2070/80s.
As ever, what will especially matter is the monthly close, not just for equities, but also Oil. Those equity bears seeking broader downside into the spring/summer, should arguably be seeking a March close back under sp'2K, with Oil <$38.
a little more later...