2/28 Ultra-Short-Term Indicators: No climactic readings, but we did see the VIX close beneath the lower Bollinger Band for the first time this year. I would regard this as ultra-short-term bullish. Look for a pop higher tomorrow or Thursday.
Conclusion: We're starting to see some possible deterioration to intermediate-term indicators. Short-term indicators remain very bearish, but with the VIX showing bearish leanings, I suspect we will be in for a short rally pop followed by more sideways consolidation. This "pop" won't likely be large and could occur at the beginning of the day with prices dropping to close lower by the end of the day. Just don't want anyone getting too excited. We haven't seen a serious correction or even pullback, but price and the PMO are turning over. But remember, the new Long-Term PMO BUY signal suggests a major correction isn't that likely. Yet, we know that price can take a serious hit and still maintain a long-term rising trend that keeps that LT PMO BUY signal intact.
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