he market broke out to new highs to start the week but had trouble holding resistance ahead of the Head Fed’s update on Thursday. Early morning surges past resistance failed until Janet Yellen gave the all clear signal that enabled the bulls to HOLD resistance once she spoke.
Friday’s highs’ to blue-sky territory was met with a late day pullback that erased all of the session’s gains before a mixed finish. Wall Street was spooked by a report Russian troops were moving into Ukraine that had traders scrambling to lock-in profits ahead of the weekend.
Despite the choppiness, the bulls easily dominated February following a rough start and head into March looking to challenge our December fluff targets. However, we warned March could get insanely volatile as the bears likely make a reappearance at some point and Friday proved that point. (continued…)