The video in this report is only accessible to members
The video in this report is only accessible to members

Trends remain in short-term stabilization mode after February lows were recently recovered.  While the downtrend from January remains intact and weekly and monthly momentum are still bearish, there remain reasons for near-term optimism given cycles, sentiment and some minor breadth improvement, as discussed yesterday.  While the relentless volatility continues to make price action seem maddening to non-chart readers, prices continue to show mild stabilization and this still looks to be an appealing area to take a counter-trend stand to this downtrend in my view.   Prices closed well up off early lows and finished in the top quartile of Wednesday’s range which is a minor positive.  Until/unless 4209 is breached, an upside continuation to 4365 still seems more likely than not, and breaks of this downtrend argue for a much larger rally into March FOMC meeting.

The video in this report is only accessible to members

Transports starting to show some promise  

Transportation has been decidedly “less bad” this current week, with stocks like UNP, NSC showing excellent strength, and patterns of the DJ Transportation Average having carved out a noticeable base in recent months.

Movement back over 15646 would validate this hourly...

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