The Main Event for Late-Winter

The market sure seems to be coming in to March like a lion this morning, insofar as keeping traders' guards up as to where we break next. There are plenty of headlines swirling this morning, be it the expected Trump Tariffs, new Fed Chair Powell's comments, and a host of earnings reports still coming in like cloud winner CRM up 3.3% this morning. 

But, technically, the winner of this late-winter market interval will be the side which eventually seizes full control of the 2,700 level on the S&P 500 Index. 

2,700 is, of course, a big, round, psychologically-signifnant number. However, it now carries some serious weight from a technical perspective, too, regarding the recent price action we have seen. 

On the updated daily chart, as quaint as it may seem we simply must continue to key off 2,700 after a flurry of tests, above and below it, in recent weeks. 

Note, for example, this morning's lows were 2,699 before buyers showed willingness to step in and defend. 

Until we see some more definitive resolution as to who can leave 2,700 in the dust, up or down, traders should keep expecting choppy, frustrating price action. 

A big key during these periods in the market is to not lean too heavily to one direction unnecessarily--Conviction in a market breaking directionally (backed up by portfolio weightings) ought to be a special occasion in lieu of a daily occurrence when the indices are flopping around like a fish out of water.