We’ve waited a very long time for SPX’s 50-DMA to reach a great spot for a small pullback. It’s finally here.

Will the market cooperate?

NOTE: I will be out of the office between March 4-6, returning on March 7.

continued for members…The level in question is the 2.24 Fib extension at SPX 4883.58. The SMA50 should be there at the end of the day, meaning SPX could shed a few percent between now and the next week or two without alarming anyone.

EURUSD is long overdue for a downturn… …meaning DXY is long overdue for a pop.CL would make a great catalyst by finally leaving the comfort of its SMA200 …which could send the 10Y above its SMA200. Theoretically, stocks wouldn’t react well.Next week should be fairly quiet from the standpoint of data releases.

I am having some surgery on Monday, so will likely be out of the office until Wednesday or Thursday. I’ll post if able, but these things are hard to predict.

GLTA