Market Direction and Stock Trends

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Mike Burk: Technical Market Report

* March 4, 2017

The good news is:

• All of the major averages hit all time highs last Wednesday.

The negatives

The breadth indicators weakened a little over the past week.

The secondaries continue to under perform the blue chips.

After hitting an all time high on Wednesday the Russell 2000 (R2K) closed down for the week.

The positives

New highs have continued to outnumber new lows by wide margins.

Seasonality

Average returns for the coming week have been modestly positive by all measures.

Conclusion

The breadth indicators continued to deteriorate in spite of new all time highs in the major indices. Seasonality remains positive for another week. This is a little reminiscent of March of 2000 when the market was defying common sense.

I expect the major averages to be higher on Friday March 10 than they were on Friday March 3.

Last week the R2K was down a little while all of the other major indices were up a little so I am calling last weeks positive forecast a tie. Same as last week.

Good Luck,

http://www.safehaven.com/article/43835/technical-market-report-for-march-4-2017

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