The final trade is in for February and the S&P500 is up 11.07 percent in the first two months of the year. It is the fourth strongest start for the S&P since 1950.
The table shows that such strong Jan/Feb price momentum has historically carried over into March. In three of the other four years — 1987 the exception — the index finished the year higher than the February close. Three of the top four are bounce years, where the S&P return was negative in the prior year.
The S&P is having trouble clearing and closing above the 2800 level, the December high and the last of the key Fibo retracement levels of the recent bear market. In addition, 2815 is formidable resistance.
There you go, folks. Ready to continue with the momo challenge?