The stock market ended last week with a gust of upward momentum. This week we'll see if the upward momentum continues. Now the market faces the problem of sequestration, which begins on March 1 -- but sequestration is jump-starting and some of it will be commencing early this week. But is the market worried about sequestration? If it was, we saw very few indications of worry last week. The market obviously concluded that somehow, Congress will kick sequestration down the road a few months. After all, between Congress and the Federal Reserve, nothing bad is allowed to happen.
The various market averages seem to be playing with the big numbers. For instance, the Nasdaq could not stay above the 3300 level that it cleared last Tuesday, but it found support at its 50-day MA. Meanwhile, the S&P 500 found support at the 1500 level. On the monthly charts, the Dow was turned ... Log in or subscribe to continue reading.
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