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Stock Market Update Wednesday February 28, 2024

Stock Market Update Wednesday February 28, 2024 Today was another low-volume day, with investors waiting for more macroeconomic news tomorrow morning. It's understandable as nobody wants to put money to work and hold it overnight. However, the quietness in the market indicates investor complacency, which raises concerns. Low-volume days in QQQ signal trader complacency and often precede a short-term price top. I anticipate the market top between March and April.

This sideways narrow range trading is very rare, akin to major holiday trading. This type of trading cannot continue indefinitely; eventually, it is going to break one way or another. The pattern shows a bull flag, and we should see a breakout at some point. If this pattern fails, the best moves often come from failed moves.

Away From Stocks: 10 yields closed at 4.26%. WTI crude closed $78.54 a barrel, and the VIX closed higher at 13.83. Bitcoin hit a high of 64k before retreating and closing at 62512.

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