Mid-week market update

$SPY $QQQ $IWM

Will St. Patty bring us more green tomorrow? Let's have a look.

#StPatricksDay #LuckoftheIrish 🍀

The $SPY made huge moves today and continued yesterday's positive action. This is the first time we've had two positive closes in a row since February 24-25.

Helene Meisler @hmeisler points out that it hasn't gone 3 in a row in six weeks.

Helene Meisler @hmeisler

SPX green 2 straight. Hasn't gone three in six weeks.

The positive action is a nice change. But... it's still a bearish market chopping around in range. Caution is advisable.

Moving to a weekly chart we can see the $QQQ and $IWM are bouncing in a reasonable place.

Both found support at the confluence of the volume-weighted average price anchored to the Covid lows, and the 38.2% (Fibonacci) retracement of the move up from the Covid lows.

$IWM

Progress is good. Green is good. Especially coming into St. Patrick's Day. Which BTW, is a historically green day for stocks, as @RyanDetrick points out here.

Ryan Detrick, CMT @RyanDetrick

We are one day closer to my favorite market stat of them all. #StPatricksDay is historically one of the most green days of the year for stocks. You can't make that up.

Keep an open mind. Who knows if the bottom is in for now. It doesn't really matter. Manage each trade on its own. Get ready for a green beer. And we'll see what's next.

Good luck!