2/28 Recap. Another Solid Month In The Books

I will have a detailed writeup in the morning going over the month and I have some new stuff in regards to my database I will be rolling out tomorrow morning, so look for a double post day tomorrow.

Today I want to look over the monthly candles closing.

SPY

This put in a nice inside month, just consolidating a bit, still over the downtrend break. I would prefer to see a stronger RSI and MACD before I say it’s a bull market again, but the price is bullish until we go back below the downtrend. This is fine for now, but what does concern me is tech stocks.

QQQ

The QQQ put in a gravestone on the monthly, that is just not optimal for tech bulls. You could argue it’s just an inside candle, but it’s showing no demand for higher prices. Tech stocks have been horrible for so long, and they’re such a heavy weighting in the S&P that you can’t just put them on ignore. If you want the overall market to rise, I’m not sure how it does it without tech. This is again why I’m in the camp of put selling because I think we remain sideways for a while longer.

Today’s Unusual Options Trades & What Stood Out