$SPY TOP 20

I get that people were concerned this week, especially on Friday when the price flushed down to as low as the 0.78 Fib, which is typically an indication of weakness losing the 0.618 Fib and the yellow support line, however the market did rally into the close and this is usually a good indication that the market will open healthy tomorrow.

Crypto has certainly been running this evening too so this should bring a wave of optimism, followed by the first trading day of March and Spring, usually creates a typically bullish environment.....seasonally, it's the middle of March before we start seeing any strong moves, so there could be some consolidation this week as the worst case scenario I feel.

The bullish scenario this week will be recapturing the 50 Day MA at $598 and even making an attempt at flipping the $610 resistance line to support but this would be a very bullish week if this were to happen.

Like on the $QQQ chart, I would only be concerned for the structure here if the 200 Day MA is lost at $570.


ECONOMIC CALENDAR FOR THE WEEK AHEAD:

Monday, March 3:

• Construction Spending (January): The Commerce Department will release data on construction spending for January. Economists anticipate that spending remained flat, following a 0.5% increase in December. ​

• ISM Manufacturing PMI (February): The Institute for Supply Management will publish its Manufacturing Purchasing Managers' Index for February, providing insights into the health of the manufacturing sector. ​

Tuesday, March 4:

• President Trump's Address to Congress: President Donald Trump is scheduled to deliver his first address to Congress since his re-election. He is expected to discuss new tariffs on products from Canada, Mexico, and China, as well as other policy initiatives. ​

Wednesday, March 5:

• ADP National Employment Report (February): This report will provide an early estimate of private-sector employment changes ahead of the official jobs report. ​

• ISM Non-Manufacturing PMI (February): The Institute for Supply Management will release its Non-Manufacturing PMI, shedding light on the performance of the services sector. ​

• Federal Reserve's Beige Book: A summary of economic conditions across the Federal Reserve districts, offering qualitative insights into the economy. ​

Thursday, March 6:

• Trade Balance (January): The Commerce Department will report on the trade balance for January, indicating the difference between imports and exports. ​

• Productivity and Costs (Q4 Revised): Revised figures on productivity and labor costs for the fourth quarter will be released, providing insights into inflationary pressures. ​

Friday, March 7:

• Employment Situation Report (February): The Bureau of Labor Statistics will release the highly anticipated jobs report. Economists forecast an increase of approximately 160,000 nonfarm payrolls and an unemployment rate holding steady at 4%.

• Wholesale Trade (January): Data on wholesale inventories and sales will be published, offering clues about supply chain dynamics.