Daily Market Outlook

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Friday, March 1, 2024

Market Performance:

The broad market advanced today. Of the last 8 sessions, the S&P 500 has closed green 6 times. The Russell 2000 are now up on 6 of the last 7 sessions as well. The NASDAQ 100 closed up 1.44%. The S&P 500 gained 0.81% and the Dow added 0.24%. The current week has the NASDAQ 100 index up 2.04%. The S&P 500 is presently gaining 0.95% while the Dow is down 0.11% for the week.

Today, the S&P 500's daily volume was 2,262 million shares. This was close to the average daily volume for the past 3 months.

Short-Term Outlook:

5-day charts (1 bar = 5 minutes) with a 20-period SBV are showing declining SBV oscillator readings at session's end. Negative money flow on this chart would suggest the possibility of negative trading tomorrow after the market open. 15-day charts (1 bar = 15 minutes) with a SBV(16) and 30-day charts (1 bar = 30 minutes) with a SBV(13) are showing negative money flow (declining SBV) as well. Overall, these charts are in favor of the bears.

Longer-Term Outlook:

60-day charts with a 20-period SBV are now showing advancing SBV Oscillator readings on the S&P 500 and on the NASDAQ 100 indexes and flat readings on the DJI and on the Russell 2000 indexes. The following SBV values were recorded at session's end: plus 31% on the S&P 500, plus 10% on the DJI, plus 47% on the NASDAQ 100 and plus 19% on the Russell 2000. Advancing SBV readings are bullish and suggest the possibility of a up-move. We will continue to monitor this chart setting in order to determine at which point SBV oscillator readings start to decline; this might then suggest increased odds for a coming move to the downside.

1.5-year charts with a 10-period SBV are showing flat SBV Oscillator readings on the S&P 500, on the DJI and on the Russell 2000 indexes and advancing readings on the NASDAQ 100 index. The positive SBV values seen on this chart are bullish. Overall, this chart reflects bullish market sentiment.


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