March and Bullish momentumThe month of March starts with the bullish momentum from the previous month Feb 2024.
February closed with strength while creating a new ATH which I expect March to breach with ease.
I will like to note: Monthly candle started on Friday March 1.2024
This is only of importance for the next sessions of intraday.
Weekly candle has not closed yet. I will add and update this idea once the weekly candle closes.
Still momentum should carry us above 18144.75
Lets take a look at our environment.
Dollar's( CAPITALCOM:DXY ) inverse correlation to equities has not been too evident the last Month.
Evident has been Dollars quick reprising after rebalancing lower levels.
The quick reprising in this case is the continued push higher by price. You can take this as an unwillingness by "price" to go lower.
Why is this important?
Dollar value affect purchasing power.
Futures Market:
ES ( CME_MINI:ES1! )
Looking Bullish as well
Expected to also take out 5123.50
YM ( CBOT_MINI:YM1! )
Also has a daily Bullish look
But will keep an eye out for the weekly close since it is the weakest of the weekly profiles.
ZB ( CBOT:ZB1! )
Looks like it is neutralizing the downward momentum and is attempting to roll.
All around there are no signs that the Bullish momentum is changing
-IT IS WHAT IT IS TILL IT'S NOT-
I will still recommend to check with the idea once Friday closes.
Once Weekly profile closes on Friday we will have more information about the possible time span of current movement.