Corrections and short-term market peaks often coincide with exceptionally low levels of market volatility.
Reference: ISABELNET - Feb 28, 2024.
Beware of the Ides of March: This year also coincides with the seasonal decline during presidential election years where the sitting president is running. Support levels to watch in the S&P 500: 4800 old ATH and 4600 near summer 2023 highs.
Reference: Jeffrey A. Hirsch @ Twitter/X - Feb 28, 2024
February’s last trading day historically bearish. DJIA and S&P 500 have been down 9 straight and 11 of the last 12. NASDAQ has tried to buck the trend, up 3 of last 4 years. Potential setup for historically bullish first trading day of March.
Reference: Jeffrey A. Hirsch @ Twitter/X - Feb 28, 2024
Reference: Wayne Whaley @ Twitter/X - Feb 29, 2024
Reference: Larry Williams' 2024 US Stock Market Outlook.