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Lawrence G. McMillan

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Jan. 21, 2021, 11:26 a.m. EST

Keep riding the S&P 500’s momentum because the chart is so strong

Also, how to trade ODP

By Lawrence G. McMillan, MarketWatch


AFP via Getty Images

The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.81% is making new all-time highs once again. It’s accompanied by all the other major stock-market indexes too – the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.46% , the NASDAQ-100 /zigman2/quotes/210598364/realtime NDX -1.68%   /zigman2/quotes/208575548/composite QQQ -1.60%  and the Russell 2000 /zigman2/quotes/210598147/delayed RUT -1.93% /zigman2/quotes/209961116/composite IWM -1.92% . These charts remain positive with upward momentum. Their moving averages and “modified Bollinger Bands” are moving higher. The S&P has not closed below its rising 20-day moving average since the beginning of November.

When the SPX chart is this strong, one needs to retain bullish positions and stay with the upward momentum.

/zigman2/quotes/210599714/realtime
US : S&P US
3,870.29
-31.53 -0.81%
Volume: 2.28B
March 2, 2021 5:08p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,391.52
-143.99 -0.46%
Volume: 341.28M
March 2, 2021 5:08p
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/zigman2/quotes/210598364/realtime
US : U.S.: Nasdaq
13,059.95
-223.00 -1.68%
Volume: 579,628
March 2, 2021 5:16p
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/zigman2/quotes/208575548/composite
US : U.S.: Nasdaq
$ 318.40
-5.19 -1.60%
Volume: 48.37M
March 2, 2021 4:00p
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/zigman2/quotes/210598147/delayed
US : US Composite
2,231.51
-43.81 -1.93%
Volume: 1.81M
March 2, 2021 4:30p
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/zigman2/quotes/209961116/composite
US : U.S.: NYSE Arca
$ 221.72
-4.35 -1.92%
Volume: 26.90M
March 2, 2021 8:00p
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