Readers may notice that we have changed some of the indications on the front page of this monthly to = from an up arrow. We have thought about this change, as we remain long-term bullish and maintain our long-term targets of on SPY of 367 to 373 as given in the January Monthly Review. We decided to make the change because weekly overbought/oversold could come down into March, and some caution is indicated. This could change intra month, and we would not be sellers of investment positions. But we would trade with a view toward risk management while we see which way the wind blows.
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