February ended on a high note — the highest of notes for the Nasdaq Composite and S&P 500, which logged record closing highs. The Dow Jones Industrial Average was shy of its own closing high, but nonetheless logged its fourth straight monthly gain along with the Nasdaq Composite and S&P 500.<\/p>\n\n\n\n
March has arrived today with everyone anxious to see if the rally will continue to march on, defying a festering belief that the indices are due for a period of consolidation if not a correction.<\/p>\n\n\n\n
The futures market isn’t providing much of a directional clue for today’s open. The S&P 500 futures are down two points and are trading fractionally below fair value, the Nasdaq 100 futures are up seven points and are trading fractionally above fair value, and the Dow Jones Industrial Average futures are down 28 points and are trading 0.1% below fair value.<\/p>\n\n\n\n
The opening march, then, is likely to be a bit flat footed.<\/p>\n\n\n\n
This lack of conviction ahead of the open is not unfamiliar. It has been more typical in recent days and weeks, as participants have been content to see how the price action in the cash market unfolds.<\/p>\n\n\n\n
When the concerted selling interest many think is likely to happen in the leadership stocks doesn’t happen, buying support driven by a fear of missing out on further gains arrives.<\/p>\n\n\n\n
It’s just enough to prevent any meaningful setback in the major indices and to keep them churning at higher levels.<\/p>\n\n\n\n