The flat correction was voided as the indexes including the Dow moved to new highs on the day, but volume on the Dow has continued to decline as the rally progresses. We have reached a point where the markets will either chop a little higher to complete an ending diagonal triangle or they will explode higher in a 3rd of a 3rd wave. I suspect that big money is doing everything it can to mark up this market for the end of the quarter and any correction will now come during the first week of April.
The Nasdaq Composite and Nasdaq 100 (QQQQ) are approaching the 2009 highs so that might offer some resistance.
The next Gann turn date I have calculated is March 28, which falls on Saturday, so tomorrow or Monday could see some selling.
The only suggestion that I can make at the moment if you are not at all in this market is to look for breakout opportunities in individual stocks and limit yourself to no more than 2 to 4 new positions per week so that you gradually build up to your full allocation. The indexes may not pullback, and you may want to take a partial position in the index ETFs. I am still quite leary that a pullback is around the corner, but am happy that I have my toe in the water with the UYG, UWM and a few stocks including GE, JPM and HANS.
I hope you have followed along as I have posted my entries in the above soon after I took positions.
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