SPX – Technical Chart for Week of Feb.15

SPX – Technical Chart for Week of Feb.15

February 15, 2021

Anticipate a Push Higher to 4005 spx

Market closed for Presidents Day.  Still very bullish here in a risk-on environment after Q4 earnings showed up strong.  The 10yrT and bond market is just not signaling a sell off in equities despite ongoing O/B readings.  Investors refreshed with the proposed stimulus still getting priced in and vaccine rollout improving immensely in both U.S. and abroad.  With the Fed pulling no suprises and staying easy, investors may be getting comfortable with buying an extended market.  Note that at all time highs there is no market structure and a parabolic move higher can happen.  Stay vigilant, I expect volatility and ranges to spike soon. Key data for this week will be in hospitality sector and retail sales. These will be signals of economic recovery from pandemic restrictions over previous quarters.

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