2 March 2016 – Upward trend continues

The market recovered from the previous day sell=off and started with a bullish pre-market.

Dow Transportation range traded in a $50 range throughout the day. It closed with a small doji candle above its 50 SMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 100%.

Dow Industrial see-saw up and down in a range throughout the day. Buyers came in the last hour and it closed with a small hammer above it s 50 SMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 100%. The Dow Industrial is in its monthly Squeeze.

Russell 2000 range traded in the first hour before buyers came in. It traded upward for the rest of the day and closed with a bullish Marubozu candle. Pivot momentum remains upward. Short term volumetric buying pressure is at 100%.

Nasdaq 100 sold off on market open and traded down til later morning. It rebounded in the afternoon session and closed with a small bullish hammer candle. Pivot momentum remains upward. Short term volumetric buying pressure is at 90.82%.

S&P 500 whip-sawed up and down throughout the morning session. It trended upward in the afternoon session and closed with a small bullish hammer candle. Pivot momentum remains upward. The volumetric buying pressure is at 97.82%. The S&P 500 is in a monthly Squeeze.

Vix closed at 17.09 as fear leaves the market. Skew has gone up to 122.35 as the shorts buy to close off their positions.

Oil (/CL) futures made small gain to $34.67 per barrel. Gold (/GC) futures came down to 1239.6 an ounce. Silver (SLV) ETF made a slight gain and closed at 14.25.

Junk bonds ETF (HYG) traded sideway and closed at 80.37. Bonds ETF (TLT) is up at 128.96 even though the market traded slightly upward. The inverse relationship was not correlated for the day. Biotech (IBB) ETFs gained and closed at 268.12. Semiconductor ETF (SOXL) made small gains and closed at 23.31.

The USD/JPY closed with a small bullish harami candle and closed at about 113.84.

Market sentiment remains bullish. Market breadth continues to slope upward. The indices were largely flat or made small gains. It was a day for consolidation following a big up-day.

The prognosis is that the market is consolidating and market strength remains strong. The Put/Call ratio in the Options market is showing lesser market participants shorting the market. The market is expected to pullback slightly and consolidate before moving up.

To YOUR wealth!