A test of the 200dma

It was a pretty wild day for US equities, with the sp'500 opening significantly lower to 1891, but then powerfully recovering into the close, settling +8pts @ 1929. There are a great many individual company charts that continue to suggest the sp'500 - along with a few other indexes, will battle upward to test the 200dma by mid March.


sp'daily

sp'weekly6

Summary

Suffice to add... it really seems to be a case of where this market maxes out around mid March.

Sp'2K looks very viable. The 200dma is currently at 2028, and will remain in the 2020s across March. There is a very notable gap of 2038/43. Might that be hit on the next FOMC of March 16th?

In either case, equity bears would arguably do well to merely side step things for another 2-3 weeks.
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Market/econ chatter from Schiff




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Looking ahead

Thursday will see the usual weekly jobs, Durable goods orders, and the FHFA house price index.

*Fed officials Lockhart and Williams will be on the loose.
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Goodnight from London